Universal Music Group N.V. (UMG), a Dutch–American multinational music corporation, has secured a majority stake in Mavin Global (Mavin), a Lagos-based music company led by Nigeria’s leading record executive, Michael Collins Ajereh (Don Jazzy), accelerating the expansion of Africa’s exceptional creative platform.
This strategic acquisition cements Don Jazzy’s standing among Africa’s leading record executives and marks a milestone for Mavin, the record label responsible for nurturing Afrobeats sensations like Rema, Ayra Starr, Ladipoe, Johnny Drille, Crayon, and Magixx.
Don Jazzy celebrates Mavin’s triumphs
Expressing his pride in the artists and brands that have propelled Mavin to its current position, Don Jazzy remarked, “I’m proud of the artists, careers, and brands 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.”
Lucian Grainge, Chairman and CEO of Universal Music Group, articulated the synergy between the two entities, emphasizing their shared commitment to nurturing talent and driving global music trends. Grainge stated, “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.”
Mavin’s Chief Operating Officer, Tega Oghenejobo, highlighted the compatibility between Mavin’s business model and UMG’s expansive network, affirming their collective goal to elevate African music on a global scale. Oghenejobo asserted, “By collaborating with UMG, we are dedicated to cultivating a vibrant creative environment that propels African music to new heights on the global stage.”
Mavin Global’s journey from TPG growth to Universal Music Group
This acquisition follows Mavin’s earlier financing endeavors, including a multi-million dollar investment in 2019 from Kupanda Holdings. While TPG Growth has now exited the business, Kupanda Capital will retain a minority stake and continue as a strategic advisor.
The prominence of Mavin’s artists on the global stage was underscored by the breakout success of Rema, whose hit single “Calm Down” featuring Selena Gomez soared to No. 3 on the U.S. Billboard Hot 100 chart. With over 800 million streams on YouTube and the distinction of being the first African artist-led track to surpass 1 billion Spotify streams, Rema exemplifies the global impact of Afrobeats.
With regulatory approval pending, the deal is poised to close by the end of Q3 2024, heralding a new chapter for Mavin Global under the stewardship of Universal Music Group while preserving the leadership of Don Jazzy and Tega Oghenejobo.
