Prospect Partners Adds Entertainment
Equipment Rental Company to Rental Holdings Platform
24/7 Studio Equipment Provides Specialized Aerial and Reach Equipment
to Motion Picture, Television, Commercial and Video Industries
22, 2006: Prospect Partners, LLC together with longtime equipment
rental executive Kevin P. Rodgers are pleased to announce a new
holding of Prospect Partners platform company Rental Holdings, LLC.
24/7 Studio Equipment, Inc. of Burbank, California, focuses exclusively
on the rental of aerial and reach equipment to the motion picture,
television, commercial and video industries. Rental Holdings' other
business unit, Industrial Hoist, LP of Brazoria, Texas, is a leading
provider and lessor of hoists and rigging equipment for industrial
applications and a provider of fleet repair and certification services.
"We think 24/7 Studio
Equipment is an interesting fit for Rental Holdings and has exciting
growth potential," says Louis W. Kenter, a Principal of Prospect
Partners. "It is truly a niche company with a veteran management
team and a unique offering -- providing the entertainment industry
with around-the-clock service and a fleet of equipment designed
specifically for studio use."
Mr. Rodgers, who serves
as Chief Executive Officer of the Rental Holdings companies, formerly
founded and led National Equipment Services, which now trades as
NES Rental Holdings (NLEQ). In 2004, he teamed with Prospect Partners
and management to create Rental Holdings, LLC to acquire the assets
of the Industrial Hoist Services division from NES and form Industrial
Hoist, LP. The President of Industrial Hoist is James G. Kowalik,
who founded the original business in 1983.
Mr. Rodgers is joined
at 24/7 Studio Equipment by Lance Sorenson, part of the ownership
team and an entertainment and rental industry veteran of more than
20 years who will oversee the company as President.
Prospect Partners and
24/7 Studio Equipment seek to grow the company both by partnering
with other niche equipment rental company entrepreneurs as well
as by acquiring other rental equipment firms that serve the motion
picture and television industries.
About Prospect Partners,
Prospect Partners, LLC
of Chicago is a leading investor in unique lower-middle-market companies,
managing two private equity funds totaling $270 million. Since its
inception in 1998, Prospect Partners has focused on management-led
leveraged acquisitions of niche leaders with revenues typically
between $10 and $30 million; the firm has invested in nearly 50
companies within many niche consumer, commercial, specialty distribution
and service markets throughout the United States.