Matthews Studio to Acquire Four Star

Matthews Studio Equipment Group plans to buy Four Star Stage Lighting Inc. for $26.5 million in cash, extending its reach into the theatrical rental markets of New York and the surrounding region. Burbank-based Matthews, a closely held provider of media-studio production equipment, said the purchase would broaden its existing rental business, as well as complement its Hollywood-based business of selling camera and lighting support equipment. Four Star’s management would stay in place, with its headquarters remaining in New York. Chairman and Chief Executive Carlos de Mattos said the purchase would be Matthews’ “largest and most significant yet,” as expansion into the “strategically important New York market offers additional growth opportunities for other Matthews product lines.” Matthews shares rose 16 cents to close at $4.09 on Nasdaq.