Stella Advisors acted as financial advisors to the shareholders of MBO on the sale to Universal Music Group
MBO, the recorded music and publishing company owned by Nordisk Film and founder Michael Ritto since 2006, has been sold to Universal Music.
The terms of the deal, which was announced by MBO co-founder Michael Ritto; Max Hole, UMG International's Chief Operating Officer; and Casper Bengtson, Managing Director, Universal Music Denmark, were not disclosed.
The MBO Group comprises Danish labels Copenhagen Records, A:larm and RecArt, which collectively represent a number of leading Nordic acts, including Danish rock band Nephew, female pop artist Medina and urban-styled duo Nik & Jay. The deal also comprises MBO's publishing company Good Songs Publishing, its Norwegian label MBN (Music Business Norway) and Swedish label Roxy Recordings.
"Michael Ritto and his creative team are proven hit-makers. This deal will improve their hit-making muscle at home and abroad. We look forward to getting started" says Max Hole, Chief Operating Officer UMG International.
"I am proud of what we've created in just seven years in a challenging period for the music business. At the same time, we as owners feel certain that the MBO labels will grow even stronger as part of Universal Music" added Michael Ritto, co-founder of MBO.
"There are a lot of 'classic' synergies but also many commercial possibilities in Denmark as well as internationally. We look forward to seeing our artists benefit from this collaboration," continued Michael Ritto.
Regarding the divestiture, CEO of Nordisk Film, Allan Hansen says: "We have assessed that the best way to secure a healthy business is by placing it with a big, international operator with music as its core business. Nordisk Film will use the sell-off to increase focus even further and continue to expand our other activities within entertainment."