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 ...
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