Spirit Music Group Loses Its CEO as Two Executives Successfully Complete Recapitalization
Two music executives have successfully led a buyout and recapitalization of Spirit Music Group.
Spirit Music Group, an independent music publisher, has announced a recapitalization led by its Chief Operating Officer, Jon Singer.
The publisher is now wholly owned by Lyric Capital Group. Jon Singer and top executive Ross Cameron will now lead the company.
Singer will now become Chairman of Spirit Music Group and Managing Partner of Lyric Capital Group. Cameron will continue in “an executive role” at the company and will also become a Partner at Lyric. He most recently served as Vice President of Acquisitions and Business Development.
According to a separate report, as part of the deal, David Renzer, Spirit’s CEO and Chairman, has left the company.
Lyric secured over $350 million to recapitalize the independent publisher’s catalog along with future acquisitions. Eaton Partners, a Stifel company, acted as an exclusive financial advisor to Lyric.
Spirit’s portfolio consists of over 200 #1 Billboard hits and more than 450 Top 10 songs. Artists include Chicago, Eminem, Sam Hunt, Jay Z, Madonna, Scotty McCreery, Tim McGraw, Elvis Presley, Ed Sheeran, Blake Shelton, Frank Sinatra, Taylor Swift, The Who, and Whitney Houston.
Notable songwriters and writer/artists include James Bay, John Barrett, Alan and Marilyn Bergman, Big Data, Marc Bolan, T Bone Burnett, Jonny Coffer, Zach Crowell, Rami Dawod, Henry Mancini, Matt & Kim, Johnny McDaid, The Marshall Tucker Band, Graham Nash, John Newman, Rick Nowels, David Paich, Doc Pomus, Frank Rogers, Boz Scaggs, Billy Squier, Pete Townshend, and Greg Wattenberg, along with the works of newer artists including Dagny and Tim Montana.
Spirit manages copyrights and also serves as a royalty administrator and promoter of its songs into film, television, and advertising productions.
Pegasus Capital Advisors previously served as the majority owner of Spirit Music Group.
Stating the indie publisher remains “well-position for growth,” Singer explained,
“We’re privileged to have major institutional investors on board, providing us with additional capital to grow. I’m very excited to serve the incredible songwriters that make up the Spirit family during this exciting time.”