VANCOUVER (CelebrityAccess) — Vancouver based Nettwerk Music Group announced it has recapitalized its business, including the purchase of an ownership stake formerly held by the private equity firm HBC Investments.
HBC originally acquired a stake in Nettwerk in 2013 when they, along with Beedie Capital, invested $10.25mm in the company to make acquisitions and invest in artists that they deemed would benefit from the changing music consumption landscape.
The financial terms of the purchase were not disclosed.
“We have so much respect for Terry McBride and his leadership over the last seven years of our investment in Nettwerk. The management team has executed on its investment objectives and is well-positioned to continue to prosper with the continued evolution of the music industry,” said Joe Colonnetta, HBC Investment’s Managing Partner.
“Our management team appreciates the growth capital HBC Investments invested to support our strategy and the guidance they provided to achieve our goals through acquisition and organic growth,” said Terry McBride, Chief Executive Officer and co-founder of the Company.
Nettwerk currently reps a roster that includes Dispatch, Lucius, Fun., Aoife O’Donovan, and Radical Face among others. Publishing clients include Chadwick Stokes, Joshua Hyslop, Mother Mother, and Diana Krall.