On May 6 Production Resource Group, L.L.C. (PRG) announced its plans to buy the XL Video, an award-winning provider of video services to a broad range of markets. PRG Chairman & CEO Jeremiah J. Harris and Lucas Covers, the Group CEO of XL Video made the announcement.
By acquiring an experienced team of XL Video’s professionals, PRG will enhance its video services as well as expand its global presence. As for the XL Video’s clients, they will benefit from PRG’s integrated platform of technology solutions.
“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.”
XL Video is a Gimv Portfolio Company headquartered in Oostende, Belgium. Following this move, the company’s 12 regional offices in UK, Germany, France, USA and China will join PRG’s network of over 40 worldwide locations.
Founded in 1995, PRG is a one-stop production company with its headquarters in Armonk, New York, USA. Through the years, PRG strengthened its positions through strategic acquisitions of highly specialized rental businesses. Today the company is a global leader in the rental market providing comprehensive services of lighting, audio, video, rigging, staging, scenery and automation. PRG has more than 33 patents in 13 patent product families and develops its line of technology solutions.
The transaction is reported to be completed by the end of June. The financials and the structure of the deal remain undisclosed.
PRG’s takeover of XL Video follows the acquisition of Chaos Visual Productions in January this year. Chaos, a Burbank firm specializing in video production, joined PRG’s Nocturne video division.