Production Resource Group to buy XL Video
Production Resource Group (PRG) has agreed a deal to buy rental and staging giant XL Video. The announcement was made by PRG chairman & CEO Jeremiah Harris and Lucas Covers, the group CEO of XL Video.
XL Video, founded in 1995, is one of the world's largest suppliers of AV for concert touring, corporate events, exhibitions, automotive, television, sports, and theatre.
For PRG’s worldwide clients, this acquisition expands their access to a range of video technology and services.
"By combining XL Video with PRG, we are creating a tremendously valuable resource for event and entertainment producers anywhere in the world," said PRG’s Harris. "The integrated company will be able to offer an exceptional breadth of production technologies and depth of industry expertise."
Upon completion of the deal, XL Video’s worldwide locations will become part of PRG’s network of over 40 locations in cities around the world.
Stephan Paridaen, PRG’s global president and COO added, "PRG and XL Video are extremely well positioned to provide a multi-disciplined, integrated solution. Making the XL Video team part of the PRG family, will be extremely beneficial to our clients and this has been our top priority from the start."
The transaction is expected to close before the end of the second quarter subject to customary closing conditions.