VANCOUVER, British Columbia, Jan. 6, 2020 /PRNewswire/ — Vancouver based Nettwerk Music Group (Nettwerk) announces a recapitalization of its business including the purchase of the ownership held by HBC Investments. The purchase of the HBC Investments ownership is part of a broader financing plan that recognizes the success of the Company’s strategy over the past seven years and which also provides capital to be used to build on that foundation and accelerate growth.
Nettwerk, a music industry leader focused on creating true partnerships with its artist clients has always been at the forefront of innovation over its 30-year history. In 2013, identifying a coming sea-change in the industry, HBC Investments, Nettwerk founders, and existing investor Beedie Capital invested $10.25mm in the Company to make acquisitions and invest in artists that would benefit from the shifts in music distribution and consumption. Since then, Nettwerk has been successful as a Company and more importantly for its artists in a streaming-dominated world.
“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.
The Company, while recognizing its success over the past seven years, sees the opportunity to continue to leverage its experience in streaming and digital to drive rapid growth both for its existing roster and also for new artists currently navigating the complex world of digital content production, distribution, and promotion.
“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.