Universal Music Group, a multinational music corporation based in the Netherlands and the United States, has acquired a controlling interest in Mavin Records, a prominent Nigerian record label.
UMG announced the acquisition in a statement released on Monday, noting that the transaction is pending regulatory approval and is anticipated to be finalized by the end of the third quarter of 2024.
Kupanda Capital, an investment firm, will retain a minority stake and continue to offer strategic guidance to Mavin Records after the deal concludes. However, another investor, TPG, will fully divest as part of the agreement.
The acquisition ensures that Mavin Records’ founder and CEO, Don Jazzy, along with COO Tega Oghenejobo, will continue to lead the company.
Sir Lucian Grainge, CEO of UMG, expressed confidence in the partnership, stating, “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.”
Tega Oghenejobo echoed this sentiment, emphasizing the potential for growth through collaboration with UMG: “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 negotiation process was facilitated by independent investment bank Shot Tower Capital.
In a podcast interview in January 2024, Don Jazzy confirmed that Mavin Records had attracted investors over the past five years who are now exiting. He humorously likened the label’s appeal to investors to that of a desirable person.
Don Jazzy, who co-founded Mo’ Hits Records in 2004 before establishing Mavin Records in 2012, has nurtured a roster of successful artists, including Tiwa Savage, Reekado Banks, Korede Bello, and others.
Mavin Records has garnered recognition and accolades, including the MTV Africa Music Award for Best Record Label in 2013 and 2014. Its artists have also collaborated with global stars such as Beyoncé, Selena Gomez, and Chris Brown.
