VCT News
ProVen VCTs exit Rolling Stones distributor Eagle Rock Entertainment
London, 8th April 2014 - Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts (VCTs), announces that portfolio company Eagle Rock Entertainment has been sold to Universal Music Group for an undisclosed sum. Beringea first invested in Eagle Rock Entertainment through the ProVen VCTs in May 2007.
Eagle Rock Entertainment is the largest producer and distributor of music programming for DVD, Blu-Ray, TV and Digital Media globally. The Grammy and Emmy Award winning catalogue features artists including The Rolling Stones, Pink Floyd, The Who, Queen, The Doors, Jeff Beck, U2, Peter Gabriel, Paul McCartney and Ozzy Osbourne.
Terry Shand, Eagle Rock's Executive Chairman, added: "We thank Beringea for their support over the past years, and I am delighted to bring Eagle Rock into the UMG family. I'd like to personally thank Lucian Grainge, Boyd Muir and Max Hole for their vision and confidence and Simon, Geoff, and my team for the tremendous work they have done to date and their dedication to the future."
Karen McCormick, Partner at Beringea, said: "Terry, Geoff, and Simon represent unrivalled industry expertise, and the team have built a business with consistent top and bottom line growth year on year. We wish the team well in the future and thank them for their success on behalf of the ProVen VCTs."
In conjunction with the 100% sale of Eagle Rock Entertainment, Eagle-I Music Ltd has been spun out as a separately owned and operated company, in which the ProVen VCTs continue to hold an interest.
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.