NEW YORK (CelebrityAccess) — Shamrock Capital, the private equity owner of digital distributor Ingrooves, has reportedly put the company on the market with a $100 million price tag.
Founded in 2002 by Rob McDaniels, Ingrooves handles global distribution for labels such as Onelove Music, Waxploitation, and Vagrant, as well as sales and marketing services.
The company also provides other services, including rights management, neighboring rights, synch licensing, and operates a music publishing unit that represents artists such as Stephen Marley, David Baron, Bebel Gilberto, and Chuck Inglish.
According to Billboard, who first reported on that Ingrooves was on the block. Shamrock has retained LionTree Advisors to oversee the sale.
Potential suitors for Ingrooves include Universal Music Group, who had a controlling interest in Ingrooves until 2010 and still has a minority stake following Ingrooves’ 2012 merger with Fontanta Distribution.
Other majors, including Warner Music and Sony, may also throw their hat into the ring, as they seek to bolster their digital offerings in the era of ascendant streaming.