Investor Group Led By Wood Creek Capital Acquires Concord Music Group
March 25, 2013 at 12:55 PM (PT)
CONCORD MUSIC GROUP has entered into a definitive agreement with WOOD CREEK CAPITAL MANAGEMENT LLC to purchase CONCORD from VILLAGE ROADSHOW ENTERTAINMENT GROUP. The acquisition is being made on behalf of funds which WOOD CREEK advises, and an individual investor group that includes members of CONCORD’s senior management and industry veterans STEVE SMITH and SCOTT PASCUCCI.
The transaction is expected to close within a few days.
GLEN BARROS will remain in his post as CONCORD’s Pres./CEO after the transaction. NORMAN LEAR, CONCORD’s current Chairman, will remain closely involved with the Company as Chairman Emeritus. In working collaboratively with the WOOD CREEK team, CONCORD’s management plans to expand its efforts "to deliver great value and service to its investors, artists, employees and customers."