PARK RIDGE, N.J. ― Car and equipment rental company Hertz Global Holdings Inc. said it acquired Cinelease, a Los Angeles-based lighting rental provider, to expand its footprint in a specialty market with higher revenue growth and margins.
Hertz did not disclose the financial terms of the deal, but said the transaction would add to earnings and cash flow in the first year after completion.
Cinelease, which rents set lighting, power distribution and grip equipment to the television industry, will deliver about $50 million of new revenue during 2012, Hertz said in a statement.
Hertz, which gets a majority of its revenue from car rentals, also leases equipment like tools, earth moving equipment and lighting.
Shares of Hertz closed at $13.03 on Thursday on the New York Stock Exchange.