Create Investing $300m in Nettwerk Management Buyout
Nettwerk Music Group is undertaking a management buyout from investors with $300m in capital from Create Music Group, which will "provide access to substantial follow-on capital."
Using Create's infrastructure, global distribution network and label services, the move will allow Nettwerk to up its ownership stake while also retaining its "identity and independence" in the marketplace. The deal is expected to close this month.
Founded in 1984 by CEO Terry McBride, the Vancouver company will continue to foster its roster of Paris Paloma, Passenger, Leisure, SYML and Mon Rovîa and sign new talent.
“Partnering with Create allows us to continue to build on our foundation, grow our capabilities and provide even more value to the artists we represent—while staying true to our roots as an artist-focused, independent Canadian label," McBride said.
“Terry and his team at Nettwerk have built one of the most enduring and influential independent music companies in the modern era [known for its work with Sarah McLachlan, Coldplay and Avril Lavigne],” added Create Music Group CEO/co-founder Jonathan Strauss. “We are excited to put all of the resources at our disposal behind Terry and his management team to fuel Nettwerk’s continued global growth.”