New York, NY—Production Resource Group (PRG) announced that VER has emerged from Chapter 11 bankruptcy proceedings 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.
“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.
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 provide a complete suite of services for tours, festivals and events. Further, PRG can enhance its history in television production and expand its work in the film industry as VER brings 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, 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 a wide array of equipment from 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.