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ICM Obtains Financing for Expansion Plans

Nov 1, 2005  •  Post A Comment

Beverly Hills-based talent agency International Creative Management announced Tuesday that it has completed a recapitalization in order to pursue plans for expansion. Rizvi Traverse Management and Merrill Lynch’s Asset Based Finance Group are providing financing. Terms of the agreement were not disclosed.

The deal leaves ICM under the control of Jeffrey Berg, chairman and CEO of the agency. As part of the recapitalization, Mr. Berg remains ICM’s largest individual shareholder. He has also agreed to a long-term extension of his contract.

“ICM will remain a closely held firm backed by outstanding private and institutional capital,” Mr. Berg said in a release.