NEW YORK, N.Y. (May 9th, 2013) – Primary Wave Music, one of the largest independent music publishing, marketing and talent management companies in the United States, has finalized a new, expanded financial partnership with Credit Suisse and SunTrust Bank, who have both been financial partners with Primary Wave since 2006. The deal, valued in excess of $125 million, will provide the music entertainment company with greater flexibility for new acquisitions and consistent growth and will continue to financially fuel Primary Wave’s powerhouse, independent publishing company. Additionally, under this new deal, the financial institution partners will now also back Primary Wave’s expanding Talent Management business. Lawrence Mestel, Founder & CEO of Primary Wave Music, confirms this announcement today, which includes Primary Wave’s financial partners entering into a four year credit facility at favorable interest rates. Moreover, Primary Wave’s current management team will continue to own the largest block of interest in the overall company.
“With this additional backing, Primary Wave will aggressively seek new acquisitions and expand its current roster of talented artists under both management as well as publishing,” states Lawrence Mestel, Founder & CEO of Primary Wave Music. “This is a very exciting new chapter of growth for the entire company.”
Primary Wave Music was founded in 2006 and currently controls the copyright of over 15,000 songs from the catalogs of legendary artists such as Kurt Cobain, Steven Tyler, John Lennon, Def Leppard, Hall & Oates, Chicago, Maurice White, Graham Parker, Steven Curtis Chapman, Lamont Dozier, The Beach Boys, The Airborne Toxic Event, and many others. Primary Wave Music has strategically grown over the last six years into a full service music and entertainment powerhouse with music publishing, in-house branding, digital marketing, publicity, TV & Film development, and a talent management company. Primary Wave Talent Management has built a deep roster including, Grammy Award Winning artist CeeLo Green, Busta Rhymes, Eric Benet, Juliet Simms, Ginuwine, Trevor Jackson, Goodie Mob as well as writers & producers like Roccstar, Shy Carter, L.P., and many other artists, bands and music creatives. From three employees in 2006 and over 40 today, plus offices in New York, Los Angeles and London; and a team of industry’s finest executives, Primary Wave Music is consistently growing and ready to enter a new stage with this additional financial support.
Over the next year, Primary Wave will continue to grow their talent management department, expanding their reach and diversifying their roster, along with continuing to bring in top music managers to further strengthen their team and resources. Growing the talent management company will also support Primary Wave’s goal to strengthen their presence in Los Angeles and expand the LA office. On the publishing side, as the NY Post quoted Primary Wave Founder Lawrence Mestel in June 2012, “with the breadth of catalogs coming to market next year, we are [also] planning on growth through additional catalog acquisition…”, which would directly strengthen Primary Wave Music Publishing’s sync exploitation & catalog licensing platform. Another division of focus is the Film & TV Development and Production team, Primary Wave TV, which has one show already in production, along with multiple other projects currently in development. Now after finalizing this deal with Credit Suisse and SunTrust Bank, this additional financial backing will put Primary Wave in the position to further expand and develop the company’s five pillars of business – Music Publishing, Talent Management, TV/Film Development, Brand Marketing, & Digital Marketing – in order to continue to successfully execute the unique, creative approach to marketing their artists, whether it’s a catalog or an artist on the management roster. Richard Fields at Allen & Company LLC along with the law firm Paul Hastings worked with Primary Wave’s CFO Ramon Villa to represent Primary Wave, and Alston & Bird LLP and Latham & Watkins LLP represented SunTrust Bank and Credit Suisse respectively.
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