VCT News
Beringea Backs Eagle Rock MBO
15 May 2007 - London - Beringea Ltd, manager of the ProVen VCTs, has backed the management buyout of leading independent producer and publisher of music programming, Eagle Rock Group Limited ("Eagle Rock"), from HgCapital.
Eagle Rock is a producer, publisher and worldwide distributor of music programming and documentaries for TV and DVD. Key catalogue properties include live concert performances from artists including The Bee Gees, Janet Jackson, The Who and Eric Clapton. Eagle Rock's catalogue also contains the 'Classic Album' series including releases from Pink Floyd, Nirvana and Queen.
The management team, led by Terry Shand (Chief Executive), with Geoff Kempin (Chief Operating Officer) and Simon Hosken (Finance Director) were backed in their acquisition of Eagle Rock by Beringea, a leading mid-market private equity fund manager, and previous investor edel music AG, a European music production, distribution and marketing company. Beringea invested from ProVen VCT and ProVen Growth & Income VCT. Bank financing was provided by Coutts. LongAcre Partners acted as financial advisor to the management team.
Jeff Bocan, Director, Beringea said: "Over the years, the Eagle Rock management team has amassed a substantial rights catalogue of some of the greatest performers of all time. We look forward to leveraging our contacts and expertise to help Eagle create greater value from its content across all media platforms, particularly in digital media."
Commenting on the deal, Terry Shand, Chief Executive of Eagle Rock, said: "We have a fantastic business and it's great to be back in control. It's good to have edel back as partners and we welcome Beringea. Together we look forward to developing the business to its full potential."
About edel music AG
edel music AG, the European entertainment and full-service provider based in Hamburg, is present in nine countries in Europe with a workforce of 750. The production of data carriers and print products, sales to the media and book trade, the latest materials management systems and digital content marketing via Internet and mobile communications networks make the edel Group the leading international provider among independent entertainment companies. Its own production plant and logistics center, optimal media production in Röbel/Müritz, with some 500 employees, numbers among the most modern CD/DVD plants in Europe. The edel motion division markets DVDs with film, TV and entertainment productions. In the field of children’s entertainment the edelkids brand is one of the largest providers in Germany. With international stars such as Chris Rea, Chris de Burgh and Deep Purple, edel also remains one of the largest independent music companies in Europe. The company also shows a high level of expertise in classical music with its "Berlin Classics" label, comprising more than 1,200 productions. The earBOOKS, a combination of books and subject-related music CDs, are a successful innovation for the book and recording market. edel entered the book business at the beginning of 2007 with the purchase of the prestigious Moewig publishing house. This constellation – providing professional services for the entertainment industry and the exploitation of its own content - gives the company a clear USP in the European market.
About Beringea Ltd
Beringea Ltd. is an international private equity and investment banking firm with offices in London, Detroit, Los Angeles and Shanghai. Beringea is the manager of funds including Proven VCT, ProVen Growth & Income VCT, and Global Rights Fund II, amongst others.
Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen VCT and ProVen Growth & Income are the highest performing VCTs of their launch years, according to www.taxefficientreview.com. In 2006 the Association of Investment Companies named ProVen Growth & Income as its highest performing VCT member.
www.beringea.com / www.provenvcts.com
Beringea Ltd is authorised and regulated by the Financial Services Authority
FSA FRN: 138888