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Stellar continues divesting units

San Antonio-based Abbey SA, LP, has acquired event rental company Abbey Event Services, San Antonio, from Houston-based Stellar Event and Presentation Resources. “Abbey has a great reputation, and the San Antonio area--with its convention, tourism and event base--makes it an ideal area for a special event rental business,” said Bill Sutton, a principal of Abbey SA, LP. “We’re excited about what Abbey can accomplish with local ownership.”

Stellar CFO Brian Smoker said, “This transaction completes our restructuring and will allow us to focus on our Dallas-Fort Worth and southern California [event rental] operations.” Stellar sold its Stuart Rental Co. in Milpitas, Calif., in March and Atlanta-based Party Plus in November.

Mergers and acquisitions firm Hageman, Stansberry & Associates handled the deal on behalf of Stellar; terms were not disclosed.

Hageman, Stansberry has also announced the sale of the contractor and tool segment of Pleasanton, Calif.-based Pleasanton Rentals to Livermore, Calif.-based Cresco Equipment Rentals.

Pleasanton Rentals will continue to operate as a party and event rental company, and will change its name to reflect its new business role. “I’m looking forward to concentrating solely on growing my party and event rental business, and I am confident that Cresco will take the tool and contractor division to new levels,” said Pleasanton Rentals owner Sherri Creighton.

After a transition period, Creighton will relocate the party and event rental segment to a new location.

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