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Universal Music Group Acquires Majority Stake In Mavin Global

With TPG Growth exiting the equation, Kupanda Capital remains a steadfast minority investor and strategic advisor, affirming its enduring commitment to Mavin's vision.

Universal Music Group Acquires Majority Stake in Mavin Global
Don Jazzy and Tega Oghenejebo [PHOTO CREDIT: Linkedin]

In a landmark move echoing the global resonance of Afrobeats, Universal Music Group (UMG) has secured a majority stake in the vibrant Lagos-based music powerhouse, Mavin Global (Mavin). The acquisition marks a pivotal moment in the industry, affirming Mavin’s pivotal role in shaping the contemporary African music landscape.

Described by UMG as “the driving force behind many of the continent’s Afrobeats artists,” Mavin, founded in 2012 by the illustrious Michael Collins Ajereh, widely known as Don Jazzy, has been instrumental in catapulting Afrobeats onto the international stage.

Monday’s announcement comes hot on the heels of Mavin’s strategic partnership with Kupanda Holdings in 2019, a testament to its continuous evolution and expansion. With TPG Growth exiting the equation, Kupanda Capital remains a steadfast minority investor and strategic advisor, affirming its enduring commitment to Mavin’s vision.

UMG’s investment heralds a new chapter for Mavin, promising to amplify its operations through an unparalleled global network of labels and businesses. Despite the acquisition, Mavin retains autonomy over its creative direction, ensuring that its unique ethos remains intact. Don Jazzy and COO Tega Oghenejobo will continue to steer the company, ensuring a seamless transition into this transformative alliance.

The significance of Mavin’s roster cannot be overstated, boasting a constellation of top-tier Afrobeats artists including Ayra Starr, Ladipoe, and Rema, whose groundbreaking single ‘Calm Down’ featuring Selena Gomez soared to unprecedented heights on the U.S. Billboard Hot 100 chart. Rema’s monumental achievement underscores the genre’s burgeoning global influence, with the track amassing over 1 billion Spotify streams, a historic milestone for African music.

Ayra Starr’s meteoric rise further solidifies Mavin’s status as a breeding ground for talent, with her track ‘Rush’ garnering a Grammy nomination and its accompanying music video emerging as the most-viewed by a female Nigerian artist on YouTube.

Universal Music Group’s chairman and CEO, Sir Lucian Grainge, hailed the partnership as a symbiotic union between kindred spirits, united by a shared vision for global cultural enrichment. In his words, “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.”

In response to the partnership, Don Jazzy expressed pride in Mavin’s enduring legacy, vowing to continue championing African music on the world stage. Tega Oghenejobo echoed his sentiments, highlighting the synergistic potential of collaborating with UMG to propel Mavin’s growth trajectory to unprecedented heights.

Michael Ajereh said: “ 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.”

Tega Oghenejobo added: ” 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, given the diversity and potential of our business.

“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.”

As Afrobeats continues to captivate audiences worldwide, UMG’s strategic investment in Mavin reaffirms the genre’s inexorable rise and underscores the pivotal role of African artists in shaping the global musical landscape. With a shared commitment to innovation and artistic excellence, the future promises boundless possibilities for Mavin and its roster of trailblazing talent.

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