Round Hill Music

Round Hill Music Royalty Fund acquires Dennis Elliott Foreigner master income

The Catalogue comprises 71 original recordings spanning the first seven Foreigner studio albums, which feature numerous major hits, including the US and UK No.1 single I Want to Know What Love Is.

New York, NY, 9th September 2021 The Board of Round Hill Music Royalty Fund Limited is pleased to announce that the Company has acquired the master royalty income of Dennis Elliott (the “Catalogue”), a British musician and artist, who was the original drummer of the rock group Foreigner.


Key Acquisition Highlights:

  • The Catalogue comprises 71 original recordings spanning the first seven Foreigner studio albums, which feature numerous major hits, including the US and UK number 1 single: “I Want to Know What Love Is”, as well as timeless classics such as “Waiting For A Girl Like You”, “Juke Box Hero”, “Cold As Ice”, “Urgent” and “Feels Like The First Time”;
  • Foreigner has sold more than 80 million records worldwide, including 37.5 million in the US;
  • The Catalogue includes exposure to the first seven Foreigner studio albums, including the US number 1 album “4” and the UK number 1 album “Agent Provocateur”.


Background to the Catalogue

Dennis Elliott, who was born in London, is a highly talented and globally renowned musician and artist. Dennis was the original drummer for Foreigner when the band started in 1976 and he stayed with the band for 17 years before leaving the music industry. Dennis was a key member of the band for their first seven studio albums, which are all included within this Catalogue: “Foreigner” (1977 – 5 times platinum in the US), “Double Vision” (1978 – 7 times platinum in the US), “Head Games” (1979 – 5 times platinum in the US), “4” (1981 – 6 times platinum in the US and number 1 in the US Billboard 200 Album Chart), “Agent Provocateur” (1984 – 3 times platinum in the US, 1 times platinum in the UK and number 1 in the UK Album Chart), “Inside Information” (1987 – 1 times platinum in the US) and “Unusual Heat” (1991).

Catalogue Details

RHM’s acquisition comprises 100% of Dennis Elliott’s master royalty income in the Catalogue. The Catalogue comprises 71 songs featuring all of Foreigner’s bestselling number 1 tracks including the timeless classic “I Want to Know What Love Is”. The Catalogue has significant exposure to Streaming, comprising 84% of revenue mix over the 2018-2020 calendar years with the balance being comprised of 6% Download, 3% Physical and 7% Other. The catalogue is also diversified by geography, with 36% of revenue generated in countries outside of the US.

The Top 3 Songs in the Catalogue comprise 27% of total revenue, the Top 5 Songs comprise 40% and the Top 10 Songs account for 59% of revenue.

The Top Songs ranked by revenue are: “I Want to Know What Love Is” (1999 Remaster); “I Want to Know What Love Is”; “Waiting For A Girl Like You”; “Juke Box Hero”; “I Want to Know What Love Is” (2008 Remaster); “Cold As Ice” and “Hot Blooded”.

The above top song revenue figures are based on the Catalogue’s royalty statement in the calendar years 2018-2020.

Disclosure of Financial Detail on Acquisitions

Due to commercial sensitivities, the Company is unable to disclose financial details for each acquisition as it occurs. However, on completion of the investment of proceeds from the C Share fundraise of US$86.5 million, together with the remaining undrawn balance of its existing revolving credit facility, the Company will make further financial disclosure on the acquisitions.

Trevor Bowen, Chair of Round Hill Music Royalty Fund, commented:

“The Board is pleased to announce another high-quality acquisition from Round Hill’s pipeline of Copyrights. The catalogue comprises classic tracks from the globally renowned rock group Foreigner. The acquisition further demonstrates the Investment Manager’s ability to identify songs with a proven ability to produce long-term, steady royalty revenues over the decades, while acquiring catalogues at attractive valuations.”

Josh Gruss, Chairman and CEO of Round Hill, the Company’s investment manager, commented:

“We are really pleased to have acquired such an excellent catalogue for the benefit of RHM’s shareholders. The acquisition of Dennis Elliott’s catalogue provides increased diversification in terms of genre, vintage and income type. The Round Hill team feels incredibly fortunate to welcome his catalogue to the Company’s portfolio.”

Dennis Elliott commented: 

“I am very pleased I have found the right home for all my catalogue. I am grateful to Josh Gruss, Robin Godfrey Cass in the UK, and especially Marvin Katz, my attorney, and Jerry Greenberg, for making this happen.”




Unless the context otherwise requires, capitalised terms used in this announcement have the meanings in the Prospectus.



The Company is a non-cellular Guernsey company. The Company’s Investment Objective is to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property. In order to achieve its Investment Objective, the Company will invest in a songwriter’s copyright interest in a musical composition or song (being their writer’s share, their publisher’s share and their performance rights) together with the rights in the recording of the musical composition or song (known as the master recording rights) together with all such rights and assets considered by its investment manager, Round Hill Music LP (“Round Hill“), to be ancillary thereto.

Founded in 2010, Round Hill is a fully integrated owner and operator of music copyright properties and the sixth largest music publishing company in the US. Headquartered in New York with additional offices in Nashville, Los Angeles and London, Round Hill has an experienced management and investment team with an established reputation and extensive experience in the music and finance industries.