Primary Wave Music has closed its ten-figure acquisition of Kobalt, merging two of the independent music sector’s largest companies.
The transaction sees Primary Wave Music acquire Kobalt’s global operations, its catalog of owned copyrights, and its digital collection society, amra, from private equity firm Francisco Partners. Kobalt will continue to operate as a standalone company under CEO Laurent Hubert and its existing management team. The deal includes an investment from Brookfield, a strategic partner of Primary Wave.
The companies signed a definitive agreement in March and projected a closing in the third quarter, subject to customary conditions.
“Over the many years Laurent and I have known each other, I have always been impressed by the remarkable team he has built, as well as the extraordinary growth Kobalt has experienced under his leadership. This acquisition will only enhance his efforts to provide creators individualized attention and specialized support at every stage of their journey and to provide a very significant amount of capital to Kobalt for continued growth.”
That statement was made by Larry Mestel, CEO and Founder of Primary Wave Music, at the time of the March announcement.
“Primary Wave understands our vision of independence and the importance of our ‘creator first’ mindset driven by service, technology, and creativity. We are incredibly excited about our next chapter with them as our partner.”
Laurent Hubert added the comment in March.
