New Jersey-based Hertz Global Holdings Inc. has acquired Burbank's 24/7 Studio Equipment, which rents generators, light towers, booms and other equipment for film and television production. 24/7, founded in 2005, was owned by private equity firm Prospect Partners of Chicago. Terms of the deal were not disclosed.
Hertz Equipment Rental President Gerry Plescia said in a statement that location shooting in Los Angeles is picking up and Hertz, with experience renting a variety of vehicles and equipment, is well positioned to serve the market.
"The acquisition of 24/7 will enable Hertz to further tap into the $1.8 trillion global entertainment industry," Plescia said.
Moutes confirmed, awaits mayor's OK
Burbank resident Thomas Moutes has been nominated to become general manager of the Los Angeles City Employees' Retirement System. The system's board of directors selected Moutes for the post, pending confirmation by the mayor and Los Angeles City Council.