VER Emerges from Bankruptcy Through Merger with PRG
Production equipment and engineering support provider, VER, has emerged from Chapter 11 bankruptcy as a reorganized company via a merger with and under the leadership of global entertainment technology and services company, Production Resource Group (PRG).
Led by PRG Chairman and CEO Jere Harris and controlled by The Jordan Company, GSO Capital Partners and PRG Management, the jointly owned companies create the largest entertainment equipment and services provider globally.
As a global company that provides equipment to the film and TV industry as well as audio gear and engineering for the music touring industry, VER will continue to exist and maintain its focus as a traditional B2B sub-rental platform, renting to AV staging companies and industry professionals, while full-service solutions will transition to become a part of PRG.
Operating as two separate companies in North America, PRG and VER will remain focused on their respective areas of expertise and will be equipped to meet evolving client needs, offering solutions, resources and expertise even better than before, according to PRG officials.
“For more than 20 years, PRG has been diligent in offering its clients the best production service and equipment in the entertainment industry,” Harris said.
He continued, “Growth across disciplines, markets and geographies (have) 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.”
PRG is already well established in concert touring for its lighting, video, media servers and staging innovations, and by combining that with VER’s tour audio gear and expertise, the company can now provide a complete suite of services for tours, festivals and events.
Additionally, the merger allows PRG to enhance its long history in television production and expand its work in the film industry as VER brings its expertise in the video camera market, lighting, display and a robust suite of cameras.
Meanwhile, VER customers are expected to benefit from PRG’s scenic and automation expertise, vast lighting inventory and its position as the exclusive rental house for PRG’s patented proprietary lighting products.
With approximately 70 locations across five continents, VER and PRG clients will have improved access to a vast array of equipment from all major manufacturers as well as specialized and proprietary equipment.
“We believe that this approach will bring about innovation, an exciting level of service and even more transformative collaboration with our partners,” Harris said. “It feels historic, not only for PRG and VER but for the entertainment industry.”
Stephan Paridaen will serve as president and COO of the combined company and Bob Krakauer will serve as CEO of VER.