Dutch-American music corporation Universal Music Group (UMG) has acquired a majority stake in Mavin Global, the renowned Lagos-based music company known for its pivotal role in promoting Afrobeats artists.
Founded in 2012 by Michael Collins Ajereh, popularly known as Don Jazzy, Mavin has been instrumental in breaking Afrobeats artists not only in Africa but globally. This acquisition follows Mavin’s previous multi-million dollar investment in 2019 from Kupanda Holdings, a joint venture between Kupanda Capital and TPG Growth.
With the exit of TPG Growth, Kupanda Capital will remain a minority investor and strategic adviser. UMG emphasises that Mavin will maintain autonomy over its strategy, and Don Jazzy, and the Chief Operating Officer, Mavin Records, Tega Oghenejobo, will continue to lead the company.
Mavin, home to top Afrobeats artists like Ayra Starr, Ladipoe and Rema, has made significant strides in the industry since it came into existence, boosting a Billboard Hot 100 hit (Rema’s ‘Calm Down’) and a Grammy nomination (Ayra Starr’s ‘Rush’).
According to UMG, this partnership will help amplify Mavin’s operations through its established network of labels and businesses while accelerating Mavin’s strategic advancement and facilitating processes to reach more artistes globally and solidify its position as a pan-African entertainment powerhouse.
“Our criteria for identifying partners is straightforward:great artists, great entrepreneurs, great people. ” Chairman & CEO of Universal Music Group, Sir Lucian Grainge noted. “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,” he concluded
