World leader in music-based entertainment, Universal Music Group (UMG), has acquired a majority stake in Don Jazzy’s Mavin Records.
Founded in 2012 by Mavin CEO Michael Ajereh (Don Jazzy), the award-winning Mavin Records holds many talents, including Ayra Starr, Rema, Johnny Drille, Crayon, and more. Universal Music Group in its statement released on Monday, says that the label “has played a pioneering role in breaking Afrobeats artists within Africa and beyond.”
Speaking on the new partnership, Mavin COO, Tega Oghenejobo said, “With our proven history of collaborations within the UMG family, we have a strong belief that they are the ideal partner for the next phase of our growth, given the diversity and potential of our business. UMG is home to some of the world’s foremost music entrepreneurs and artists, making them a perfect match for our aspirations. By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”
The Chairman and CEO of Universal Music Group, Sir Lucian Grainge, talked about their criteria for identifying partners. He discloses that, “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.”
Don Jazzy sums it up, “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.”
TPG will fully exit Mavin Records, while Kupanda Capital will continue to be a minority investor and strategic adviser. For this deal, Universal Music Group was counseled by Freshfields, Udo Udoma & Belo-Osagie, and Bowmans. Mavin Record’s deal team included Shot Tower Capital along with Reed Smith LLP and Olaniwun Ajayi LP as legal representatives. The partnership is subject to regulatory approval and its expected closing time is the end of Q3 2024.