The financial terms of the acquisition were not disclosed.
“Philosophically, TPT is a perfect fit for us,” Mikel Elliott, Quixote Studios’ chief executive, said in a statement. “They have the newest and deepest inventory in the industry, and their team is committed to the same level of service excellence as we are.”
TPT offerings include walkie-talkies, AC units, grip equipment and dollies.
William Hadley founded TPT 23 years ago. It has since grown to a staff of 20.
“We have always wanted to provide a wider range of product and services to our customers,” Hadley said in a statement. “And now, with additional resources and (the) leadership team at Quixote, we will achieve that goal. Quixote’s vision is exactly in line with this.”
Hadley will stay on in the same role as TPT becomes a subsidiary of Quixote.
Gipson Hoffman & Pancione represented TPT in the sale. Norton Rose Fulbright represented Quixote Studios.
Quixote Studios has been growing since its founding by Elliott and Jordan Kitaen in 1995. Kitaen is a minority shareholder in the company.
The company got its start by customizing and renting RVs to productions. Their fleet grew, and soon the company began acquiring soundstages as well. It acquired its West Hollywood headquarters space, which has multiple stages, in 2001.
TPT is not the company’s first acquisition. In 2014, Quixote acquired Sun Valley-based Movie Movers Inc., which provided trailers to the entertainment industry.
Quixote Studios later acquired One Drop Rentals to expand its New York City footprint. The company also acquired Hudson Radios in New York City.
In 2018, the company partnered with Bison Capital Asset Management, which acquired 29% of Quixote Studios, to help it grow further.
In an interview earlier this year, Elliott said he was interested in expanding in other markets but would need to make acquisitions for that to happen.
The company now has a fleet of hundreds of trailers and trucks, in addition to lighting and other equipment. Today, roughly 35% of the company’s revenue comes from photo shoots and commercials. The rest comes from film and television productions.
Quixote Studios isn’t the only studio player acquiring production support companies.
In September, Brentwood-based Hudson Pacific Properties Inc. announced it acquired two transportation and logistics service companies for a combined $222 million: Sylmar-based Star Waggons and Zio Studio Services.
The companies have a combined fleet of more than 1,100 transportation assets.
Star Waggons, founded in the 1970s by late actor Lyle Waggoner, has a fleet of more than 650 makeup, wardrobe, production and other types of trailers in L.A.; Albuquerque, N.M.; Atlanta; and Vancouver, British Columbia.
Zio Studio Services, meanwhile, has roughly 750 transportation and equipment assets.
