Features
‘It Feels Historic’: Production Resource Group And VER Complete Merger
null – PRG & VER
Both companies completed a merger announced in April
Production Resource Group (PRG) announced today that VER has emerged from Chapter 11 bankruptcy as a reorganized company, led by Jere Harris and controlled by The Jordan Company, GSO Capital Partners and PRG Management.
In Europe and the Middle East, VER has merged into PRG, but both companies will operate as two separate entities in North America.
Both companies are well established in concert touring in lighting, video, media servers, and staging innovations.
By focusing on their respective areas of expertise, “each will be equipped to meet evolving client needs and offer solutions, resources and expertise even better than before,” the announcement states.
The deal offer the ability “to share equipment, knowledge and personnel wherever doing so will benefit its customers and meet evolving client needs, offer solutions, resources and expertise in ways neither company could achieve independently.”
Both companies believe the merger creates “a complete suite of services for tours, festivals, and events.”
PRG can draw on VER’s expertise in the video camera market, lighting, display and the companies robust suite of cameras to expand its work in the film industry.
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.
Jere Harris will serve as Chairman and CEO of PRG and VER, and Stephan Paridaen will be president and COO.
“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,” said Harris.
“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.”
Globally, VER and PRG will have approximately 70 locations across five continents, improving Clients’ 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. It feels historic, not only for PRG and VER, but for entertainment industry,” said Harris.