(CelebrityAccess) — Music industry veterans Hank Forsyth and Dan McCarroll have partnered with private equity investor Carlyle Global Credit to launch Litmus Music, a new venture seeking to acquire and manage music rights.
According to Carlyle, Litmus will seek to acquire and manage music rights, including both “music publishing and recorded music, across genres, geographies and vintage.” Carlyle funded the new venture with an initial $500 million in both equity and debt, which, along with additional unspecified capital committed by management, will be used to fund a “robust pipeline” of acquisitions.
Litmus’ founding members bring significant experience in the recording industry to the table. Litmus CEO Hank Forsyth previously held senior roles at at Warner Chappell Music, where he was Executive Vice President; Blue Note, where as GM, he helped to revitalize the label with President Don Was; and EMI/EMI Music Publishing, where he spent more than a decade.
“Music is as important in society as it has ever been, and its impact and value are being felt more and more. It is an honor to partner with Dan and form what we have talked about for years – a music business and team built on integrity and trust. These core Litmus values are shared by Carlyle, and we believe they are the best partners to support our team as we start this journey,” Forsyth said of his new role.
Litmus Chief Creative Officer Dan McCarroll’s resume includes stints at traditional music companies such as Warner Brothers Records, EMI Music, and Capitol Records along with some of the new digital entrants, including Amazon Music. He also worked as a touring and studio musician, working with an array of artists that includes Bo Diddley, Katy Perry, Tom Petty, Keith Urban, Dua Lipa, Duran Duran, Elton John, Ciara, Sheryl Crow, Mac Miller, Andra Day, Lloyd Cole, Sam Smith, Stevie Nicks, Gary Clark Jr., and Brian Wilson.
“Music has been the driving force of my life and I have the greatest respect for the writers and artists who make it and the fans who cherish it. It is thrilling to be starting Litmus with the partnership of Hank and Carlyle. Our incredible team is all about collaboration and building a collection of ageless music assets and unforgettable songs that will continue to enrich people’s lives for years to come,” McCarroll added.