LAGOS, Nigeria (CelebrityAccess) — On Monday, Universal Music Group announced it has taken a majority stake in the independent Nigerian Afrobeats record label, Mavin Global.
The label, based in Lagos, was founded by the noted Nigerian artist, producer, music executive and entrepreneur, Michael Collins Ajereh (aka Don Jazzy) in 2012. Since then, the label has played a central role in the rise of the Afrobeat sound on the world stage and figured large in the careers of artist such Ayra Starr, Ladipoe, Johnny Drille, Crayon, Magixx, Bayanni, Boy Spyce, DJ Big N, Lifesize Teddy and Rema.
Following the investment from UMG, Mavin Global will be further integrated into the UMG ecosystem, but will continue to operate independently with founder and CEO Don Jazzy and COO Tega Oghenejobo continuing in their current leadership roles.
As part of the deal, private equity investor TPG has fully exited the business, while Kupanda Capital will a remain minority investor and strategic adviser.
UMG 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 advisers. Management was represented by DLA Piper.
“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,” stated Michael “Don Jazzy” Ajereh.
“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,” added Sir Lucian Grainge.
