U.K.-based Eagle Rock Group Ltd. management, aided by private equity firm Beringea and edel Music AG, has bought back the company from HG Capital, which had a 68% interest in the company since 2001. Terms of the deal were not disclosed.

Eagle Rock management, led by CEO Terry Shand, COO Geoff Kempin and finance director Simon Hosken, began seeking a replacement for HG in 2005 when the U.K.-based private equity firm decided to re-deploy its investment portfolio. HG Capital invested £34 million (which at today's exchange rates amounts to $67.3 million) in Eagle Rock, including the assumption of bank debt.

Eagle Rock is a producer of TV programming and documentaries, as well as a publisher and worldwide distributor of DVDs and CDs. Key catalogue properties include live concert performances from the Bee Gees, Janet Jackson, the Who, Eric Clapton, the Montreux Festival archive and contemporary output. Properties also include a classic album series featuring releases from Pink Floyd, Nirvana and Queen, among others. Billboard estimates Eagle Rock's sale volume at about $55 million.

In partnering with edel Music, Eagle Rock is turning to a former co-owner. In fact, HG replaced edel, which replaced Eagle Rock's original backer and majority owner BMG. In addition to equity, debt was also used to finance the transaction and was provided by London-based banking firm Coutts, while LongAcre Partners acted as financial advisors to Eagle rock management.

"Over the years, the Eagle Rock management team has amassed a substantial rights catalogue of some of the greatest performers of all time," Beringea director Jeff Bocan said in a statement. "We look forward to leveraging our contacts and expertise to help Eagle greater monetize its content across all media platforms, particularly in digital media."