Asset-valuation and disposition company is launching major new sales for PRG/VER and Keslow Camera; retirement auction begins for Cineworks
LOS ANGELES, May 30, 2019 /PRNewswire/ — When leading AV companies — including PRG/VER, Keslow Camera, Illumination Dynamics, and Birns & Sawyer — choose to trim their surplus inventory and raise additional capital for inventory refreshment, they often turn to Tiger Group to execute auctions, liquidations, turnkey business sales, and other sale solutions.
Similarly, when Cineworks, Inc.’s longtime owner Deborah Maxwell decided to retire in June, she tapped Tiger to evaluate and liquidate her company’s assets, trusting the asset-valuation and disposition firm to maximize the value of the rental house’s gear. On June 11, Tiger will host and close an online-only auction for the company’s lighting, grip, and truck equipment inventory.
Now, on the eve of the Los Angeles Cine Gear Expo 2019 — where Tiger will exhibit at booth 301 on May 31 and June 1 — the company is poised to launch major new sales initiatives as part of its ongoing inventory reduction efforts for Keslow and PRG/VER.
“Our professionals work closely with AV companies in North America and elsewhere that want to purge redundant inventory in a variety of situations — including post-merger and continuing operations—while also directing complete liquidations for companies that are closing,” said Jonathan Holiday, Director of Business Development of Tiger’s Commercial & Industrial Division. “In every case, our teams have the direct experience to evaluate and position equipment and inventory in ways that enable sellers to realize additional capital and keep them ahead of the curve, while giving purchasers the opportunity to acquire assets at competitive pricing.”
A six-month liquidation of Keslow Camera’s excess equipment will get underway in June. This is the second time that Tiger, along with its partner Hilco Industrial, was chosen to assist with inventory redundancies following Keslow’s acquisition of Clairmont Camera. The sale will feature professionally maintained digital cameras, lenses, media, camera accessories, and the largest filter collection ever to hit the market.
Earlier this year, following the 2018 merger of AV giants PRG (the global leader in production services and solutions) and VER (the largest provider of rental equipment to production professionals), Tiger was selected to sell an exclusive offering of professionally maintained and serviced event projectors. Tiger was also recently selected by PRG/VER to sell gear at multiple locations at auction in July.
“In all, we’re selling off millions of dollars of surplus equipment from PRG/VER, including projectors, audio, video, lenses, lighting and other gear manufactured by names like Barco, Christie, Sony, Arri, Cooke, Zeiss, Angenieux, Red and many other top manufacturers,” explained Holiday. “We anticipate the process will take the rest of the year.”
Tiger has scheduled its next online-only auction for June 4, with bidding now underway, offering conventional and automated lighting, consoles and event projectors from both PRG/VER and Illumination Dynamics. This will be followed by the Cineworks online-only auction on June 11, with bidding commencing on June 4. Additional follow-up online auctions for the PRG/VER assets are scheduled for July, when lights, cameras, audio and media will be offered for sale, he said.
Among other recent activities this year, Illumination Dynamics brought in Tiger to clear out excess inventory to make room for new gear. The liquidation featured high-quality studio and automated stage lighting surplus valued at more than $5 million.
“It’s always good when companies get us in early, so we can work with them to plan the sale of excess assets to help capture the value of the equipment before it becomes too shop-worn, or even obsolete in some cases,” Holiday said.
In addition to its booth at Cine Gear Expo 2019, Tiger is sponsoring a Production Equipment Rental Group (PERG) breakfast on Saturday, June 1, which is open to all PERG members. “PERG serves as an advocacy organization on behalf of the film and digital community within ESTA (the nonprofit Entertainment Services and Technology Association),” noted Holiday. “Tiger is proud to be the only asset disposition firm that is a member of PERG.”