Calera Backs Rock-It
As music tours concerts ramp up, the private equity firm bets on a specialty logistics play.
January 6, 2010
San Francisco, California-based private equity firm Calera Capital bought a control stake in Rock-It Cargo LLC, a company that arranges large stage equipment transport for music events. Terms of the transaction were not disclosed.
The firm appears to be building on a trend within the music industry in which an increasingly large part of musicians’ earnings are created through concert events. The firm declined to comment on the transaction.
Principal James Halow led the transaction for Calera Capital. The buyout firm, which was formerly known as Fremont Partners, was founded in 1991 by Robert Jaunich II, a former president of Sara Lee Corp., and James T. Farrell. The acquisition marks Calera’s initial investment in the transportation sector.
Rock-It Cargo’s current management team will retain an ownership stake in the company. Founded by David Bernstein in 1978, the freight and logistics company employs 200. Rock-It was not available to speak as of press time
The firm spun out from its former parent, the Fremont Group, in 2007. Calera is currently investing out of its fourth fund. Although Calera Capital IV initially targeted a $1 billion raise, it closed in Q1 2009 with $700 million in committed capital.
Headquartered in Philadelphia, Pennsylvania, Rock-It has locations in Canada, China, German, Japan Mexico, South Africa and the UK. In the United States, the company has offices in Georgia, Illinois, Colorado, New Jersey, Texas, Nevada, California, Florida, New York, New Jersey, Pennsylvania and San Francisco.
In addition to its San Francisco headquarters, Calera has a secondary location in and Boston, Massachusetts. Currently, the firm manages about $2.8 billion in capital.
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