Cinelease, the motion-picture lighting and grip equipment rental service, has been dealt from Boston-based private equity firm Audax Group to Hertz Global Holdings. Houlihan Lokey, Inc. advised Cinelease. Kirkland & Ellis LLP represented Audax Group. Specifics on the deal were not publicized.
BOSTON, Jan 19, 2012 — Audax Group announced it has completed the sale of Cinelease, Inc. (“Cinelease”) to a subsidiary of Hertz Global Holdings, Inc.HTZ -0.92% . Headquartered in Los Angeles, California, Cinelease is a leading supplier of motion-picture lighting and grip equipment for rent to the television, feature film, commercial, and music video industries, with a reputation for carrying a broad selection of well-maintained equipment with superior customer service and dependability. Audax acquired Cinelease in March 2007 and subsequently divested its Theatrical Event Lighting division, allowing the company to focus on its core motion picture lighting and grip equipment business.
Geoffrey S. Rehnert, Co-CEO of Audax Group, said “The Cinelease management team did a terrific job working with us to build the company through geographic expansion and operational improvements. We expanded Cinelease’s national footprint with the addition of seven facilities across six states, while implementing company-wide lean initiatives to optimize equipment utilization. We wish the entire Cinelease team continued success.”
Steve M. Ortiz, President of Cinelease, said “Audax Group has been a great partner for us. Their operational expertise and successful track-record working with equipment rental companies were key assets as we grew our company.”
Houlihan Lokey, Inc. advised Cinelease. Kirkland & Ellis LLP represented Audax Group.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has raised in excess of $5.0 billion of equity, mezzanine debt, and senior loan capital. For more information visit the Audax Group website www.audaxgroup.com .
SOURCE: Audax Group