VER Emerges from Bankruptcy Through Merger with PRG
August 23, 2018
Production equipment and engineering support provider, VER, has emerged from Chapter 11 bankruptcy as a reorganized company via a merger with and under the leadership of global entertainment technology and services company, Production Resource Group (PRG).
Led by PRG Chairman and CEO Jere Harris and controlled by The Jordan Company, GSO Capital Partners and PRG Management, the jointly owned companies create the largest entertainment equipment and services provider globally.
As a global company that provides equipment to the film and TV industry as well as audio gear and engineering for the music touring industry, VER will continue to exist and maintain its focus as a traditional B2B sub-rental platform, renting to AV staging companies and industry professionals, while full-service solutions will transition to become a part of PRG.
Operating as two separate companies in North America, PRG and VER will remain focused on their respective areas of expertise and will be equipped to meet evolving client needs, offering solutions, resources and expertise even better than before, according to PRG officials.
“For more than 20 years, PRG has been diligent in offering its clients the best production service and equipment in the entertainment industry,” Harris said.
He continued, “Growth across disciplines, markets and geographies (have) always been a key part of our strategy. 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, and by 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.
Additionally, the merger allows PRG to enhance its long history in television production and expand its work in the film industry as VER brings its expertise in the video camera market, lighting, display and a robust suite of cameras.
Meanwhile, VER customers are expected to 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.
With approximately 70 locations across five continents, VER and PRG clients will have improved 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,” Harris said. “It feels historic, not only for PRG and VER but for the entertainment industry.”
Stephan Paridaen will serve as president and COO of the combined company and Bob Krakauer will serve as CEO of VER.
Don’t miss any event news! Sign up for any (or all) of our e-newsletters HERE & engage with us on Twitter, Facebook, LinkedIn & Instagram!
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment