Hertz Continues Acquisition Strategy to Boost Revenue Growth
PARK RIDGE, NJ, Jul 08, 2010 (MARKETWIRE via COMTEX) -- Hertz Global Holdings, Inc. (NYSE: HTZ) announce the acquisition of 1st Call Studio Equipment from RoadSafe Holdings. 1st Call is a leading equipment rental company to the film and television industry. Headquartered in Sylmar, CA, the Company services clients throughout the US and has offices in Hollywood, on the Universal Studios Hollywood Lot, Albuquerque Studios Lot, and in Louisiana.
"Hertz is actively seeking growth opportunities for our Entertainment Services business which provides one-stop equipment and car rental solutions for media production companies," commented Hertz Chairman and Chief Executive Officer, Mark P. Frissora. "With the 1st Call acquisition, Hertz's initial foray into the Southern California entertainment industry, we both expand our footprint in the entertainment business, and generate a significant revenue growth opportunity for the Company."
Founded in 1999, 1st Call Studio Equipment rents booms, scissor lifts, fork lifts, light towers, gators, etc. to production companies working on feature films, episodic television shows, reality shows, commercials and music videos. 1st Call is the preferred equipment supplier to most of the major studios and stage facilities, including Universal Studios, Raleigh Studios, Playa Vista Studios, and Santa Clarita Studios and the first choice of seasoned professionals who rely on the company's ability to save production companies time, money and unnecessary downtime.
The acquired business had revenues of approximately $8 million in the year ended December 31, 2009. The acquisition was made for an undisclosed sum and will be integrated into Hertz Entertainment Services.
"The global entertainment and media industry is an estimated $1.8 trillion business," commented Hertz Equipment Rental President, Gerry Plescia. "The integration of 1st Call into Hertz Entertainment Services provides the Company with a dedicated presence in Hollywood while expanding our reach to new geographical regions including Albuquerque and Louisiana. Hertz has dedicated the resources needed to successfully cater to the entertainment industry and we're confident our one-stop-shopping solution marrying cars and equipment will be as popular in California as it is in New York."
RoadSafe Traffic Systems, Inc. President & CEO, Michael Catalonello, commented, "The sale of 1st Call to Hertz is a tremendous opportunity for 1st Call to reach their full potential. Frankly, we couldn't have found a better organization than Hertz as the new owners, 1st Call will be a great fit for their Entertainment Services business. We wish them continued great success."
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.
ABOUT THE COMPANY
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 8,200 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(R), NeverLost(R) 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.
SOURCE: The Hertz Corporation