Vancouver-based Nettwerk Music Group (Nettwerk) has announced a recapitalization of its business.
The recap includes the purchase of a stake in the business held by HBC Investments.
The purchase of the HBC Investments ownership, says Nettwerk, is ‘part of a broader financing plan that recognizes the success of the company’s strategy over the past seven years’.
In 2013, HBC Investments, Nettwerk’s founders, and existing investor Beedie Capital invested $10.25 million in the company to make acquisitions and invest in artists.
Nettwerk also says that the purchase of the stake from HBC provides capital to be used to accelerate growth.
“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.”
Terry McBride, Nettwerk
Terry McBride, Chief Executive Officer and co-founder of the Company, said: “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.”
“We have so much respect for Terry McBride and his leadership over the last seven years of our investment in Nettwerk.”
Joe Colonnetvta, HBC Investments
Joe Colonnetvta, HBC Investment’s Managing Partner, added: “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.”Music Business Worldwide
