PARK RIDGE, NJ, December 15, 2010 - Hertz Global Holdings, Inc. (NYSE: HTZ) announces the acquisition of 24/7 Studio Equipment, a California-based studio equipment rental company serving the feature film and television industry, from lower-middle-market private equity firm Prospect Partners, LLC of Chicago, IL. Headquartered in Burbank, CA, 24/7 Studio Equipment specializes in providing aerial and reach equipment to studios as well as to feature-film and television production companies in the Southern California market.
. "Hertz Entertainment Services is an integral part of the Company's overall growth strategy," commented Hertz Chairman and Chief Executive Officer, Mark P. 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% 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 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," commented 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."
Hertz Entertainment Services provides single-source car and equipment rental solutions to the entertainment and special events industries. Hertz Entertainment Services 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.
Hertz Entertainment Services are tailored to fit the needs of large and small productions alike with competitive pricing and customized, monthly billing. Hertz delivers vehicles and equipment to production locations and a dedicated staff is available 24/7 to address specific client needs. Productions can also rent equipment for use at special events such as lighting, generators and other machinery.
Hertz's experience and willingness to pick up and deliver hybrid and specialized vehicles, such as the Toyota Prius, the BMW Mini Cooper, the Ford Escape Hybrid, and the Lincoln Navigator sets it apart from the competition. The Hertz Prestige Collection is especially popular with actors, while crews benefit from larger vehicles such as minivans, 15 Passenger Vans and SUVs and enjoy having access to a wide array of lighting solutions, generators, lifts and water trucks.
Hertz Equipment Rental Corporation, a wholly owned subsidiary of The Hertz Corporation, offers a diverse line of equipment, including tools and supplies, and new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 325 branches in the United States, Canada, China, France and Spain. Hertz is the largest worldwide airport general use car rental brand operating from more than 8,400 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 81 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Fun and Green Collections, set Hertz apart from the competition. The Company also operates the Advantage car rental brand at 26 airports in the U.S., global car sharing club, Connect by Hertz, in New York City, Berlin, London, Madrid and Paris.
ABOUT PROSPECT PARTNERS, LLC
Prospect Partners, of Chicago, Ill., is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million in three funds. A highly experienced, active, and committed small-company investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since its inception in 1998, Prospect Partners has invested nationwide in nearly 80 companies within a broad range of niche manufacturing, distribution, and specialty services markets. For more information, visit www.prospect-partners.com.