MUSIC, the first ever diversified investment company focused exclusively on music and music-adjacent businesses, announced today that it has made a significant minority investment in Atlanta-based music company LVRN (Love Renaissance). The investment – which values the company at over $100 million – will provide growth capital for LVRN to build capacity in its existing businesses as well as unlock strategic expansion opportunities. Matt Pincus, co-founder and CEO of MUSIC, will join the company’s Board of Directors which is chaired by LVRN President, Tunde Balogun.
Founded by five partners in 2012, Junia Abaidoo, Justice Baiden, Tunde Balogun, Sean Famoso McNichol and Carlon Ramong, LVRN has been one of the most successful independent music companies in the world. The company has launched, nurtured and guided the careers of such artists as Summer Walker, 6lack and others. In its decade in business, LVRN artists have generated more than 30 billion streams, 21 million album sales and 175 million single sales.
Expanding its headquarters in Atlanta, LVRN bought a building in the Castleberry Hill neighborhood and are starting to build out state-of-the-art facilities. They also established an outpost in Silverlake, one of L.A.’s hippest neighborhoods. LVRN entered into a publishing partnership with Warner Chappell early last year. They started an LVRN radio show on SiriusXM which airs weekly and focuses on up-and-coming R&B and hip hop stars. The five partners also invited industry veteran Amber Grimes into the LVRN fold last year as EVP/GM and a partner in the company’s management operation.
“At MUSIC, we invest with a people first mindset.” Says Pincus. “Junia, Justice, Tunde, Sean, and Carlon – along with Amber Grimes and the rest of the LVRN team, are among the finest executives in the music business. They have built a leading platform and culture at a time when independents are going to play an increasingly crucial role in breaking new artists. LVRN has limitless potential here in the U.S., and around the world. We are grateful for the opportunity to go on their journey with them.”
Tunde Balogun, President of LVRN commented, “Matt is not simply an investor, but an entrepreneur through and through. Before founding MUSIC, he built his own independent music publishing company SONGS into one of the most successful and respected operations in our business. His hard-earned expertise make him a very valuable resource for LVRN and we are so fortunate to have him play a role in our continued expansion. This infusion of capital will empower us to continue to expand our operations globally and support local Black-founded businesses as we do so.”
LVRN is expected to use the new capital to expand benefits and programs for its employees and continue to expand around the world, with a key focus in the U.K. and West Africa.
LVRN Records will continue to be released through the company’s relationship with Interscope Geffen A&M Records and Universal Music Group.
Bryan Gott and Mike Merriman of Parr3 LLC and Arnie Mendoza of MG Partners LLP served as advisors to LVRN while Aaron Rosenberg of Myman Greenspan served as legal counsel. Jordan Bromley and Chris Dayans at Manatt represented MUSIC in the transaction.