Beringea invests in Eagle-i Music Publishing
March 8th 2012
The new investment will allow the company to further expand
(London, UK) Beringea, manager of the ProVen VCTs, has announced an investment of £1 million into Eagle-i Music Ltd, a recently formed Music Publishing subsidiary of existing portfolio company Eagle Rock Entertainment Group Ltd.
Eagle-i Music Ltd. has recruited industry expert Roberto Neri, previously General Manager and VP of International at Bug Music, to head up the business. Publishing remains one of the most lucrative and valuable areas within the music industry, in part due to lower reliance on physical goods sales for revenues. This move is a natural progression for Eagle Rock, who already provide an extensive range of audio visual and ancillary services for thousands of well known artists and musicians, including Grammy award winners such as The Rolling Stones and The Doors. Eagle Rock has invested significant resources into Eagle-i Music, which has closed over 20 publishing deals in the first months of operation. Mr. Neri brings extensive contacts within the industry and an impressive track record of improving publishing income streams.
The investment will come from Beringea’s ProVen VCT, ProVen Growth & Income VCT, and Proven Planned Exit VCT.
Karen McCormick, Investment Director at Beringea, led the deal and will be joining the board as a non executive director. Commenting on the deal Karen said:
“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. We are investing for aggressive growth of Eagle-i and have already seen financial benefit arising from synergies across the core business and the new publishing business.”
Simon Hosken, Finance Director of the parent group, will also act as FD of Eagle-i Ltd.
Both Mr. Hosken and Mr. Neri will join the Eagle-i board. Mr. Neri commented, “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. The investment from Beringea will allow us to further expand both in the UK and internationally.”
Mr. Hosken added, “Beringea continue to be great supporters of the business, as they have at every stage of our growth.”