Shand leads Eagle Rock buyout
EmptyCANNES -- Independent music programming and documentary producer and distributor Eagle Rock Group Ltd. announced Tuesday that CEO Terry Shand has led a management buyout of the company from HgCapital. Financial details were not released.
Chief operating officer Geoff Kempin and finance director Simon Hosken also were part of the buyout team, which was backed by Hamburg-based music production and distribution company Edel music AG and Beringea, a mid-market private equity fund manager.
Coutts provided bank financing and LongAcre Partners acted as financial advisor to the management team.
Eagle Rock has a library of live concert performances from artists including the Bee Gees, Janet Jackson, the Who and Eric Clapton; programs such as the "Classic Album" series, which includes releases from Pink Floyd, Nirvana and Queen; and footage from the Montreux Music Festival.
"We have a fantastic business. It's great to have Edel back as partners and we welcome Beringea," Shand said. "Together we look forward to developing the business to its full potential."
Added Michael Haentjes, founder and CEO of Edel music AG: "We believe in Eagle Rock as an outstanding producer of audiovisual content and a great partner. With our investment, we want to strengthen the long-lasting and close relationship between our companies."
Said Beringea director Jeff Bocan: "Over the years, the Eagle Rock management team has amassed a substantial rights catalog of some of the greatest performers of all time. We look forward to leveraging our contacts and expertise to help Eagle greater monetise its content across all media platforms, particularly in digital media."