The music mogul, Don Jazzy is reportedly seeking investment or selling his record label to the highest bidder. The Nigerian record label, Mavin Records, is eyeing investments from Universal Music Group and HYBE, Billboard reports.
The deal is estimated to be valued at around $125 million and $200 million. An investment bank, Shot Tower Capital is actively aiding the negotiation process.
The strategic move aims at fueling the growth of the record label in anticipation of the global prominence of the African music industry.
Mavin Records, founded in 2012, is home to musicians like Dr SID, D’Prince, Rema, Ayra Starr, Johnny Drille, Ladipoe, Crayon, Magixx, Boy Spyce, Bayanni and their recent signee, Lifesize Teddy.
It also houses producers like Don Jazzy himself, London, Baby Fresh, Altims and Andre Vibez.
DJ Big N was the label’s first official DJ in 2014. Tiwa Savage, Wande Coal, Iyanya, Korede Bello and Dija were all formerly signed to the label.
The record label came into view after the closure of Mo’ Hits Records, a record label owned by Don Jazzy and D’banj. In an interview with Punch, Don Jazzy addressed D’banj’s departure. He said, “We were working together and all was going well. It got to a point where I looked at the situation and we both decided it was not working and we had to move on”. The term “mavin” describes anyone gifted or skilled in any field.
Mavin Records was nominated for Best Record Label of the Year at the City People Entertainment Awards in 2013. The label won the award in 2014.
The label provides other services under Mavin Energy Ltd., Mavin Real Estate Inc., and Mavin Films.
They also own a clothing brand that caters for the needs of their artists, Mavin Clothing Line Ltd.
