VCT News
Beringea Makes Second Investment in Eagle Rock Entertainment
12 February 2010 - London - Beringea, manager of the ProVen VCTs, has announced it has made further investment into music publishing company Eagle Rock Entertainment.
Eagle Rock is a leading producer, publisher and worldwide distributor of music programming and documentaries for TV and DVD. Key catalogue properties include live concert performances from a huge range of artists including Queen, Jeff Beck , ZZ Top, Kiss, Bee Gees, Tina Turner and The Who. The company's catalogue also contains the 'Classic Album' series which includes releases from Pink Floyd, Jimi Hendrix, Bob Marley and Nirvana. Last autumn the company produced, and distributed worldwide the DVD of the successful new Monty Python documentary –"Almost the Truth – the Lawyers Cut".
Beringea has invested £800k from its ProVen VCT. The investment will finance Eagle Rock's buyout of a private shareholder and support plans for further growth. Beringea first invested in Eagle Rock in May 2007 as part of an MBO.
Karen McCormick, investment director, led the deal for Beringea and sits on the board of Eagle Rock as non-executive director. Karen commented: "We are very pleased to make this second investment. Eagle Rock is an established, highly profitable business with an outstanding management team. The company continues to strengthen its proposition, both increasing its impressive rights catalogue and identifying new ways to leverage it. I look forward to continuing to work closely with the company."
Commenting on the deal, Terry Shand, Eagle Rock's Executive Chairman and CEO said that "I am delighted that Beringea have made a further investment in the company; Eagle continues to enjoy working with such a supportive and responsive investor."
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.