Primary Wave Music has secured an investment of up to $375m from
Oaktree Capital Management in exchange for a minority interest in the music company.
Oaktree will help strengthen Primary Wave’s financial position by adding to its war chest; PW will be managing $1.5b in cash and assets following the Oaktree infusion. Oaktree will also guide Primary Wave on financial decisions and growth strategies.
Specializing in alternative investments, Oaktree has $153b in assets under management. The deal was finalized by Primary Wave founder/CEO
Larry Mestel, Oaktree Co-Chairman and Chief Investment Officer
Bruce Karsh and Oaktree Managing Director and Co-Head of North America
Brian Laibow.
Said Mestel, “Bruce and I have had a working relationship for over 15 years. He has an unusual combination of business savvy and creative sensibility towards music. This is an exciting new chapter for the company as we continue to grow our business.”
“I’ve long admired the business model and success Larry has built for Primary Wave," said Karsh, "and saw this partnership as a unique opportunity to diversify our investment portfolio in a growing and uncorrelated asset class. As a true music lover myself, I’m dedicated to the company’s growth and future success.”
