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PRESS RELEASE: Beringea invests $3 million in Detroit Institute of Music Education
New venture will attract young people, bring jobs to downtown Detroit
March 20, 2014
FARMINGTON HILLS, Mich. — Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, has announced its fund made a $3 million investment in Detroit Institute of Music Education, Inc. (“DIME”), a music education college dedicated to teaching the next generation of modern musicians. The investment will be used to launch the company’s first U.S. music college, in Detroit.
“We’re excited to bring this innovative high profile, high impact business to Detroit and provide growth capital for its launch. DIME’s education model will attract creative young people from all over the country to Michigan, while creating more jobs in the education sector,” said Charlie Rothstein, senior managing director and co-founder of Beringea.
Founded by music industry veterans Kevin Nixon, Sarah Clayman and Bruce Dickinson, DIME offers advanced music students a college-style experience in contemporary music, with expert musicians and industry professionals teaching courses in guitar, bass, vocals, drums, songwriting and music entrepreneurship. Prospective students can pursue a bachelor’s degree or diploma in Creative Music Performance, or sign up for part-time and summer music education programs. DIME expects to enroll 150 students for its 2014-2015 school year.
“The music industry is a complicated business and learning by experience can be a long route. DIME brings the information, encouragement and expertise to demonstrate how to build a successful career,” says Kevin Nixon, president of DIME. “Musicians will be playing in bands, meeting industry professionals, mastering technique, promoting their own shows, developing their brand, arranging songs, and many other exciting career development activities. Most of all, DIME students will be part of a musical community of like-minded musicians and budding entrepreneurs.”
DIME is the third music education venture for serial entrepreneurs Nixon, Clayman and Dickinson. The trio’s most recent model grew to a multi-campus college with locations in the United Kingdom and Ireland. DIME’s educational programs are built on the successful model pioneered by the founders.
DIME’s temporary location at 1520 Woodward Avenue, between John R and Witherell will serve as its admissions office and performance space. Prospective students are encouraged to visit the space and meet the DIME team and sign up anytime Monday through Saturday between 10 a.m. and 6 p.m.
The space will also be equipped with a live stage and sound system, and will feature regular entertainment events. Bands and artists interested in performing in this space can contact the admissions office at 313.223.1600 or www.dime-detroit.com.
DIME will formally open in September, when renovations are complete on the historic Bamlet Building, located at 1265 Griswold Street and owned by Bedrock Real Estate Services. The school will occupy more than 20,000 square feet of space on four floors of the seven-story, building in Capitol Park at the corner of Griswold Street and Grand River Avenue built in 1896.
“Detroit has always been known for its music and innovative culture,” said Dan Gilbert, Chairman and Founder of Rock Ventures and Quicken Loans. “It is fitting for the Detroit Institute of Music Education to open in the heart of downtown Detroit where the opportunities to create are endless. I can think of nothing more important than locating institutions that attract young talented people to the city. DIME is a unique entrepreneurial organization that has a proven strategy to develop top-notch musicians. The combination of Detroit’s DNA and DIME’s exciting educational model is going to be a huge success for the entire community.”
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.
About Detroit Institute of Music Education
Detroit Institute of Music Education (“DIME”) is a music education college dedicated to teaching the next generation of modern musicians. Founded by music industry veterans Kevin Nixon, Sarah Clayman and Bruce Dickinson, DIME will offer advanced music students a college-style experience in contemporary music, with expert musicians and music industry professionals teaching courses in guitar, bass, vocals, drums, songwriting and music entrepreneurship. Prospective students can choose to pursue a bachelor’s degree or diploma in Creative Music Performance, or sign up for part-time and summer music education programs. Serious musicians can expect practical and real-world preparation for a career in the music industry upon graduation.
DIME will formally open in September, when renovations will be completed on the historic Bamlet Building in downtown Detroit. A pop-up space, located at 1520 Woodward Avenue between John R and Witherell will open Thursday, March 20 and will serve as a temporary admissions office and performance space for the college. For more information on DIME, visit www.dime-detroit.com or call 313.223.1600.
About Bedrock Real Estate Services
Detroit-based Bedrock Real Estate Services is a full-service real estate firm specializing in purchasing, leasing, financing, developing and managing commercial space. Since its founding in 2011, Bedrock has recruited more than 100 tenants to downtown Detroit’s Central Business District. A full listing of recruited tenants is available here. For more information, visit www.Bedrockmgt.com.
About Opportunity Detroit
Opportunity Detroit is a campaign that promotes downtown Detroit as a great place to live, work and play. The campaign launched as a partnership with Quicken Loans, Rock Ventures, the Detroit Regional Chamber, and dozens of non-profit, civic and business organizations in the city. It started as a commercial, and it continues to evolve as a campaign to tell Detroit’s story as an emerging high-tech hub, and the city’s ongoing transformation from a muscle economy of the past to the brain economy of the present and future. For more information visit www.opportunitydetroit.com.
Andi Jenkins, Director of Marketing and Communications
Detroit Institute of Music Education