Hertz Equipment Rental Corp. confirmed RER’s earlier report that it has acquired Burbank, Calif.-based 24/7 Studio Equipment, an equipment rental company specializing in the rental of aerial equipment for film and television production. HERC purchased the company from lower-middle-market private equity firm Prospect Partners, LLC of Chicago.
Former 24/7 CEO Lance Sorenson will remain with HERC, playing a major role in the company’s rental sales efforts to studios, a role that is growing in importance as film and TV production branches out nationally.
"Hertz Entertainment Services is an integral part of the company's overall growth strategy," said Hertz chairman and CEO, Mark Frissora. "Acquiring 24/7 Studio Equipment will enable us to grow our entertainment services division in California as well as in other film markets around the country, and will give us access to customers and markets not currently serviced by Hertz. We anticipate significant growth in market share as we see numerous synergy opportunities with this strategic acquisition."
Founded in 2005, 24/7 Studio Equipment is the market leader in studio equipment rentals with more than 25-percent share of the market. Its product line includes such equipment as boomlifts, personnel and material lifts, scissorlifts, industrial forklifts, utility carts, generators and light towers. 24/7's equipment line is specifically designed for studio work, including booms that have been painted with non-reflective black paint and equipped with cribbing cutout switches and aerial equipment fitted with foam-filled tires.
The acquisition was made for an undisclosed sum and will be integrated into Hertz Entertainment Services.
"The acquisition of 24/7 will enable Hertz to further tap into the $1.8 trillion global entertainment industry," said HERC president Gerry Plescia. "In 2010, the LA market has experienced significant improvement in location shooting days. We're confident 24/7's customer base will appreciate the one-stop equipment and car rental shopping we offer while enjoying the mobility Hertz has when production needs take them on the road."
Hertz Entertainment Services provides single-source car and equipment rental solutions to movie, film and television productions, live sports and entertainment events, and all-occasion special events, such as weddings, conventions, and fairs.
Based in Park Ridge, N.J., HERC is No. 4 on the RER 100.