Universal Music Group (UMG) has acquired a majority stake in Mavin Records, the Nigerian music label.
The multinational entertainment and record label conglomerate confirmed the acquisition in a statement on Monday.
The announcement comes a few weeks after Don Jazzy addressed rumours surrounding the potential sale of Mavin Records.
Mavin Records was established by Don Jazzy, the Nigerian music producer, in 2012.
Artistes under the label include Ayra Starr, Johnny Drille, Crayon, Rema, and Ladipoe.
The label has received numerous accolades, including the MTV Africa Music Award for Best Record Label in 2013 and 2014.
Universal, in its statement, described the record label as a “driving force behind many of the continent’s Afrobeats artistes”.
It said Mavin will maintain its autonomy over its strategy and future talent development, adding that Don Jazzy and Tega Oghenejobo will continue to lead the company.
The partnership aims to help accelerate Mavin’s strategic advancement and create more opportunities to break more talent globally.
This includes expanding the reach of its existing roster and building its business into a super-serving, pan-African entertainment company.
On the other hand, the investment provides UMG an opportunity to increase its presence in Afrobeats and greater exposure to the fast-growing African market.
TPG Growth, former Mavin investors, have fully stopped doing business with the record label, while Kupanda Capital will remain a minority investor and strategic adviser.
On the latest acquisition, 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.”
Don Jazzy, CEO of Mavin, added: “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”.
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