Position Music has sold a significant minority equity stake in itself to private investment firm, Vesper Company.
, formerly with MSD Partners. They were involved in that firm’s purchase of a minority stake in Kobalt Music Group, first made in 2014.
“For over twenty years, Tyler and his team have shown a strong commitment to serving artists and songwriters and helping them reach the next level of their careers,” added Gopal in a statement. “We’re excited to support the continued growth and evolution of Position Music.”According to SEC filings, Vesper has raised at least $36.5 million in selling securities since its founding, although that appears to be related to another Vesper investment: its acquisition of New England Marine Monitoring.
“Few independent music companies today can match Position Music’s scale, track record, and depth of synch and creative services,” Vesper’s Caro said in a statement. After his involvement with MSD Partners — but before the formation of Vesper — Caro served as head of corporate development at Kobalt, according to his LinkedIn profile.
As for investing in legacy music — a preferred asset class for most institutional investors — Bacon says the company’s financing is currently not set up to accommodate that type of investment strategy, though he doesn’t rule out making such investments somewhere down the line. Position Music was represented by Shot Tower Capital and Reed Smith. Vesper Company was represented by Drummond Woodsum and Greenberg Traurig.
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