The company says the move will ensure that its award winning international video rental operation will stay at the forefront of the world of live entertainment visuals.

XL CEO and co-founder René De Keijzer said: "We are all very enthusiastic about the new partnership and the opportunities that it will bring.

"In the immediate future it will allow us to make major investments in new technologies and, longer term, allow us to strengthen our position in the marketplace and move forward with our medium term expansion strategies in Europe and the US."

XL Video Group includes XL's global video rental enterprises and also its LED and product design and manufacturing arm, XL Technologies.