Universal Music Group (UMG), has announced on Monday that it has bought a majority stake in the Nigerian record label, Mavin Global (Mavin).
The statement said: “The deal remains subject to regulatory approval and is expected to close by the end of Q3 2024”.
The Lagos, Nigeria-based label is the 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.
Investment firm Kupanda Capital will remain a minority investor and strategic advisor in the business once the transaction closes, although another investor, TPG, will fully exit as part of the deal.
The deal will see Mavin founder and CEO Don Jazzy and COO Tega Oghenejobo continuing to run the company.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
According Universal Music Group, the partnership will accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally, expand the reach of its existing roster and continue building its business into a super-serving, pan-African entertainment company. This mission is anchored in two initiatives: Mavin’s Artist Academy, which trains new talent in music and performance skills and builds connections within the roster, and their executive leadership program, which seeks to develop the next generation of music industry talent in Africa.
Michael Ajereh said: “ I’m proud of the artists, careers and brand we’ve built that have made Mavin the force it is today. In this historic partnership with UMG, we will continue that mission in Africa and across the globe.”
Sir Lucian Grainge, Chairman & 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.”
