PRG and VER complete merger
- Details
The entities will be controlled by The Jordan Company, GSO Capital Partners and PRG Management.Jere Harris will serve as chairman and CEO of PRG and VER, and Stephan Paridaen will be president and COO.
Harris comments: “For more than 20 years PRG has been diligent in offering its clients the best production service and equipment in the entertainment industry. Growth across disciplines, markets and geographies has always been a key part of our strategy. Now, our ability to support all types of entertainment productions globally will take on new meaning, raising an already high bar to an unprecedented level.”
According to a statement, combining PRG and VER’s strength will now offer “a complete suite of services for tours, festivals, and events”. PRG can “enhance its long history in television production and expand its work in the film industry as VER brings world-class expertise in the video camera market, lighting, display and a robust suite of cameras”.
VER customers will benefit from PRG’s staging and automation expertise, vast lighting inventory and its position as the exclusive rental house for PRG’s patented proprietary lighting and video products.
“We believe that this approach will bring about innovation, an exciting level of service, and even more transformative collaboration with our partners. It feels historic, not only for PRG and VER, but for entertainment industry,” adds Harris.
The plans, which were first announced in April, came to light after VER filed for Chapter 11 bankruptcy, which saw the company’s North American operations carry out a court-supervised restructure to reduce its debt and prepare for the merger.
Globally, VER and PRG will have approximately 70 locations across five continents. Clients will have improved access to an extraordinary array of equipment from all major manufacturers as well as specialized and proprietary equipment.
(Jim Evans)
