VER Emerges from Bankruptcy as Newly Organized Company

NEW YORK, Aug. 22, 2018 /PRNewswire/ -- Production Resource Group (PRG) announced today that VER has emerged from Ch.11 bankruptcy as a reorganized company led by Jere Harris and controlled by The Jordan Company, GSO Capital Partners and PRG Management. VER will continue to exist and maintain its focus as a traditional business-to-business subrental platform, renting to AV staging companies and industry professionals. Full-service solutions will transition to become a part of PRG. PRG and VER will operate as two separate companies in North America; and 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.

"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 Jere Harris, PRG's chairman and CEO. "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. 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. Further, 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 scenic and automation expertise, vast lighting inventory and its position as the exclusive rental house for PRG's patented proprietary lighting products.

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.

"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. 

The entities will be commonly controlled by The Jordan Company, GSO Capital Partners and PRG Management. Jere Harris will serve as chairman and CEO of the combined company, Stephan Paridaen will be president and COO of the combined company and Bob Krakauer will serve as CEO of VER.

About Production Resource Group

PRG is the world's leading provider of entertainment and event technology solutions and has the largest inventory of rental production equipment. PRG provides comprehensive and discreet services to an array of clients in the live music, TV/Film, Broadway, sports, gaming, corporate experiential and live events markets. Clients and partners depend on PRG's innovation, experience and depth of experience in audio, video, lighting, rigging, staging, and scenery and automation systems to bring their stories to life. With 70 offices across North America, South America, Europe, Middle East, Asia, and Australia, PRG has capabilities to provide services worldwide. PRG is owned by The Jordan Company and GSO Capital Partners and PRG Management.For more information, please visit https://www.prg.com/.

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SOURCE Production Resource Group