Universal acquires Nigerian music label; TPG exits
Universal acquires Nigerian music label; TPG exits
Universal Music Group has announced a majority investment in independent record label Mavin Global.
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Universal Music Group has announced a majority investment in independent record label Mavin Global. The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024.
In 2019, Kupanda Holdings – a joint venture between Kupanda Capital and TPG Growth (a division of American private equity firm TPG) – announced a multimillion dollar investment in Mavin. TPG has fully exited the business, while Kupanda Capital will remain a minority investor and strategic advisor.
Universal was advised by Freshfields, Udo Udoma & Belo-Osagie and Bowmans. Mavin was represented by Shot Tower Capital in the transaction, and Reed Smith LLP and Olaniwun Ajayi LP served as legal advisors. Management was represented by DLA Piper.
The Nigeria-based label is a driving force behind many of the continent’s Afrobeats artists. Founded in 2012 by renowned artist, producer, music executive and entrepreneur, Michael Collins Ajereh (aka Don Jazzy), Mavin has played a pioneering role in breaking Afrobeats artists within Africa, and beyond.
Mavin will maintain autonomy over its strategy and future talent development. As part of the agreement, founder and CEO, Don Jazzy, and COO, Tega Oghenejobo, will continue leading the company.
Sir Lucian Grainge, chairman and CEO of Universal Music Group said, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artist roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artists have been catalysts in the transformation of Afrobeats into a global phenomenon and we’re thrilled to welcome them into the Universal Music Group family.”
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