Huge news is coming out of the camera gear rental space today. Lensrentals and LensProToGo have announced a 'strategic partnership', merging into one privately held company that the duo is calling "the strongest photo and video equipment rental company in the United States.
"
This is a big deal, especially when you consider the dearth of real competition in the rental space—BorrowLenses was put up for sale by Shutterfly in January of this year, and Lumoid 'paused operations' in September. . . just to name a few troubling bits of news.
The results of this important merger will not be a whole new company, though—you won't be seeing a LensProToRentals or LensrentalsToGo brand spring up. Instead, both websites will continue to exist and both brands will continue to operate under their current names, only now they'll do it with the substantially increased resources that the partnership provides. This paragraph from the press release sums up the benefits to current Lensrentals and LensProToGo customers well:
The strategic partnership effectively increases Lensrentals video equipment knowledge base, provides an East coast facility, and allows the company to further its leading position in the photo and video equipment rental market. Customers of both brands will be able to continue the long-term customer service relationships built over the years, in addition to having access to the largest inventory of equipment for rental in the photo and video industry, and an array of shipping, try-before-you-buy and insurance coverage programs.
This 'strategic partnership agreement' was closed and approved by both companies on December 1st, but since both are—or were—privately held, we won't be getting any financial evaluations of the deal or companies (unless, of course, someone wants to leak it to us. . . hint hint).
Press Release
Lensrentals and LensProToGo Join Forces to Create Strongest Photo and Video Equipment Rental Company in United States
Partnership Increases Leadership Position in Imaging Rental Market, Offers More Technical Expertise for Consultation, Greater Inventory and an East Coast Office for Lensrentals
Memphis, TN – December 5, 2017 – Lensrentals, the leading online photo, video and lighting equipment rental company, announces a recent strategic partnership with LensProToGo. The combined company will be privately held, with both the Lensrentals and LensProToGo brands continuing to operate with increased resources.
The strategic partnership effectively increases Lensrentals video equipment knowledge base, provides an East coast facility, and allows the company to further its leading position in the photo and video equipment rental market. Customers of both brands will be able to continue the long-term customer service relationships built over the years, in addition to having access to the largest inventory of equipment for rental in the photo and video industry, and an array of shipping, try-before-you-buy and insurance coverage programs.
“Building an east coast presence with a team that share our values and focus on customer service, is an important goal for Lensrentals. The LensProToGo opportunity allows us to increase our visibility on the east coast of the US, and continue to offer a more specialized consultative approach to photography and video gear rental,” said Drew Cicala, co-owner, Lensrentals. “We’ve long admired the LensProToGo team, share many similarities in our businesses, and overall approach to helping customers achieve exceptional results. LensProToGo team’s video market expertise blends well with our own, will greatly contribute toward expanding our product offerings and knowledge base for customers to draw upon,”Cicala continued.
“We’ve known the Lensrentals team for many years, and by agreeing to blend our operations we can maintain our company ethos and service-first approach to customers,” said Paul Friedman, CEO, LensProToGo. “On a day-to-day basis our customers will now be able to access cameras, lenses, lighting, drones and more in the largest rental inventory of photo and video equipment in the country. We’ll also continue to spend as much time on the phone and email as our customers need, we enjoy our customers and the relationships formed, and we look forward to expanding those relationships even further. ”
In the long-term, Lensrentals will be able to better serve customers who vary in their needs and wants. From those customers that know what they’re looking for, to those needing a little advice or perspective on equipment, or that may want a more consultative relationship, to fully understand all elements of the equipment.
The continued growth of Lensrentals and LensProToGo, allows both brands to better serve the largest customer base, with the newest and widest range of creative solutions, from experts with the deepest knowledge base in the industry. With the largest rental inventory of photo and video equipment in the country, the company is at the forefront of what creatives need to deliver outstanding video, still and digital content.
The strategic partnership agreement was closed December 1st 2017, having been approved by both companies.
In a previously unannounced and separate agreement in late September, Lensrentals agreed to acquire a 100% interest in ATS Rentals.
2017-12-6 18:23
