Global music powerhouse, Universal Music Group (UMG), has announced its acquisition of a majority stake in Mavin Records, Nigeria’s biggest music record label.
This strategic move by UMG comes five years after Mavin secured a significant multi-million dollar investment in 2019 from Kupanda Holdings, a joint venture between pan-African investment firm Kupanda Capital and TPG Growth. With TPG fully exiting the business, Kupanda Capital will retain a minority stake and continue to offer strategic guidance.
Under the terms of the agreement, Mavin will retain autonomy over its creative direction and talent development strategies. Founder and CEO Don Jazzy, alongside COO, Tega Oghenejobo, will continue to spearhead the company, ensuring continuity and innovation in its operations.
Expressing his enthusiasm for the partnership, Don Jazzy remarked, “I’m proud of the artistes, 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.”
Echoing this sentiment, Oghenejobo emphasised the synergies between Mavin’s vision and UMG’s global platform.
“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. UMG is home to some of the world’s foremost music entrepreneurs and artistes, making them a perfect match for our aspirations.”
The partnership is poised to accelerate Mavin’s strategic initiatives, including talent development programs such as the Artiste Academy, aimed at nurturing emerging talent, and the executive leadership program, designed to groom the next generation of music industry leaders in Africa.
Sir Lucian Grainge, Chairman & CEO of Universal Music Group, spoke about the development, saying, “Our criteria for identifying partners is straightforward: great artistes, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team and their artiste roster, we’ve found ideal partners with whom to grow together. Mavin’s brilliant artistes 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.”
Launched in 2012, Mavin Records was birthed following the closure of Mo’ Hits Records, a record label owned by Don Jazzy and Nigerian music legend D’banj. The label is home to Afrobeats high-flyers Rema and Ayra Starr, as well as Crayon, Johnny Drille, Ladipoe, Magixx, Boy Spyce, Bayanni, and Lifesize Teddy. The label, which used to have superstars like Tiwa Savage and Wande Coal in its ranks, has been instrumental in shaping the trajectory of Afrobeats music, both locally and internationally.
UMG anticipates that this development will unlock new opportunities for Mavin’s artistes to achieve global recognition while further solidifying its position as a pan-African entertainment powerhouse. The deal is pending regulatory approval and is slated to close by the end of Q3 2024.