PEC Video, the camera equipment dealer and rental firm, has been bought by the DIA Group.
The entire shareholding of the Charlotte Street-based firm was purchased just before Christmas in a “six-figure” deal in which the current staff, including managing director Dan Wheeler and sales director Alan Alger, will remain with the company.
PEC will now work alongside another DIA-owned company, Alias Hire, with the latter handling all future kit rental enquires.
Rent-then-buy deals will also be offered alongside standard kit sales.
DIA Group chairman Sir Eric Peacock said: “This purchase fits with our plan to invest in heritage brands and develop them within the media sector.
From a DIA perspective, having both sales and rental capabilities will help us to expand geographically.”
Wheeler added: “Joining a larger group will also give us access to more funding, expertise and wider opportunities, which ultimately can only benefit our customers.”
Financial and HR functions for PEC will be centralised at DIA as a result of the deal. No redundancies are expected.
PEC was set up in 1932 as a manufacturer and supplier to the film industry. Although it still supplies film splicers and stock, it now majors in the supply, hire and servicing of professional video production equipment.
At the same time, DIA has bought up the remaining shares it didn’t previously own in Alias Hire, giving it 100% ownership of the company.