Hudson Pacific Properties has announced the separate acquisitions of Star Waggons and Zio Studio Services, two companies that provide transportation and logistics services to studio productions, for a combined $222 million.
Star Waggons and Zio Studio Services collectively comprise a fleet of more than 1,100 luxury location trailers, specialized vehicles, and other transportation assets, as well as complementary equipment for the entertainment production industry.
The two transactions, which will be immediately accretive to 2021 and long-term financial targets, significantly expand production services as part of Hudson Pacific’s global studio platform.
“Bringing Star Waggons and Zio Studio Services together under the same umbrella with our Sunset Studios business enables us to capture a greater share of production services revenue at our facilities as well as other studios and on location,” said Jeff Stotland, head of global studios for Hudson Pacific. “A broader offering of high-quality production services both streamlines content creation for and deepens our relationships with existing Sunset Studios clientele, while providing access to new customers as well. These acquisitions perfectly align with our global studios strategy to accelerate growth, increase profitability and ultimately expand our role within the content production ecosystem—all while delivering excellent returns for our investors.”
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Founded in 1977 by Lyle Waggoner, Star Waggons is known for providing luxury- and multi-cast trailers, makeup, wardrobe, production and other specialized trailers. Its clients include feature films, episodic productions, commercials, festivals and special events. Star Waggons has a fleet of more than 650 trailers with operations in Los Angeles, Albuquerque, Atlanta and Vancouver. Jason Waggoner, president of Star Waggons, will continue to lead the business and Beau Waggoner will remain at the company as an adviser.
Zio Studio Services is a platform which offers transportation solutions and vehicle rental services to content producers. It claims to service more than 70% of all major studio productions in Southern California. Louis Dargenzio, president of Zio Studio Services, will continue to lead the business.