Walt Davis acquired by Steadi Systems Inc.
The deal, a stock swap, pairs two of the industry's larger suppliers and creates a company with more than $ 45 million in annual sales.
The new company will be known as Steadi Systems, a division of Walt Davis Enterprises, and will have two offices in Hollywood, and others in Irvine, San Francisco, New York, Chicago and Phoenix.
Richard Schoenberg, founder and prexy of Steadi Systems, is prexy of the new company. William Sands, prexy of Walt Davis, is chairman.
"What we want to do is represent ourselves as a one-stop shop," Schoenberg said.
The deal was announced to employees at the beginning of the year and completed in February.
In addition to the companies' traditional lines of business, the new Steadi Systems will offer non-linear editing systems and computer graphics workstations to post-production facilities and others on a sales and rental basis.
Schoenberg formed Steadi Systems in 1983, buying unused film stock from studios and indies and reselling it to other filmmakers at bargain prices. Two years later, it moved into videotape sales.
Walt Davis Enterprises was formed in 1963 as the first Sony video equipment dealer on the West Coast. Sands bought the company in 1982 after its founder, Walt Davis, died.
