You no doubt think of car rentals when you hear the name Hertz, but it also has other operations, such as the Hertz Equipment Rental Corporation subsidiary. That now includes movie/TV studio equipment as the result of acquiring 24/7 Studio Equipment.
Publicly traded Hertz Global Holdings, NYSE: HTZ, acquired the studio equipment rental company from the private equity firm Prospect Partners LLC. Terms were not disclosed.
“Hertz Entertainment Services is an integral part of the Company’s overall growth strategy. 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,” said Hertz Chairman and CEO Mark Frissora.
Founded in 2005, 24/7 Studio Equipment is the market leader in studio equipment rentals, claiming a more than 25% share of the market. Its product line includes such equipment as boomlifts, personnel and material lifts, scissor lifts, 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 of 24/7 will enable Hertz to further tap into the $1.8 trillion global entertainment industry,” said Hertz Equipment Rental 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.”
With the addition of the 24/7 operation, Hertz Entertainment Services says it provides single-source car and equipment rental solutions to the entertainment and special events industries. It provides customized vehicle 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.