Michigan-based venture and expansion stage capital investor Beringea has invested $1.57 million into Eagle-i Music, a recently formed music publishing subsidiary of existing portfolio company Eagle Rock Entertainment Group. Eagle-i Music has recruited Roberto Neri, who previously served as general manager and VP of international at Bug Music, to head the business.
Beringea, Michigan’s largest and most active venture and expansion-stage capital investor, has invested $1.57 million into Eagle-i Music Ltd., a recently formed music publishing subsidiary of existing portfolio company Eagle Rock Entertainment Group Ltd.
Eagle-i Music has recruited industry expert Roberto Neri, who previously served as general manager and VP of international at Bug Music, to head the business. Neri brings extensive contacts within the industry and an impressive track record of improving publishing income streams.
Publishing remains one of the most lucrative and valuable areas within the music industry, in part due to a lower reliance on physical goods sales for revenues. Eagle-i Music is a natural progression for Eagle Rock, which already provides an extensive range of audio visual and ancillary services for thousands of well known artists and musicians, including Grammy award winners The Rolling Stones and The Doors. Eagle Rock has invested significant resources into Eagle-i Music, which has closed more than 20 publishing deals in the first months of operation.
Karen McCormick, an investment director in Beringea’s London’s office, led the deal and will be joining the board of directors.
“We are thrilled that Eagle Rock is moving to this exciting and profitable area and Roberto Neri has already proven a very strong CEO for the business,” said McCormick. “We are investing for aggressive growth of Eagle-i Music and have already seen financial benefits arising from synergies across the core business and the new publishing business.”
Simon Hosken, finance director of the parent group, will also act as financial director of Eagle-i Music. In addition, Hosken and Neri will both join the Eagle-i Music board of directors.
“We have made considerable progress in such a short space of time. From the ground up, we truly are building a publishing company equipped for the 21st century,” said Neri. “The investment from Beringea will allow us to further expand both in the UK and internationally.”
“Beringea continue to be great supporters of the business, as they have at every stage of our growth,” said Hosken.
Beringea offers advice, guidance and capital to support growing businesses. With capital, experience and offices in the U.S. and UK, Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, solve problems and build value in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of the InvestMichigan! Growth Capital and Mezzanine Funds in the U.S., as well as the ProVen VCT family of funds in the UK, among others.
About Eagle Rock Entertainment Group Ltd. (EREG)
Eagle Rock Entertainment is the largest producer and distributor of music programming for DVD, Blu-Ray, TV and Digital Media in the world. Eagle works directly alongside talent to produce top quality, high definition and 3D programs, both concerts and documentaries, including The Rolling Stones, Pink Floyd, The Who, Queen, The Doors, Jeff Beck, U2, Peter Gabriel, Paul McCartney and Ozzy Osbourne. Eagle’s TV library features over 2,000 hours of programming and there are over 800 titles currently available worldwide on DVD, Blu-Ray and digitally. The recent establishment of Eagle-i Music means EREG is also now a fully-fledged music publisher.