Acquisitive music company Primary Wave has struck a partnership with Brazil’s Nas Nuvens Catalog (NNC) – a company that itself was modeled on Primary Wave.
Formed in 2021 through a partnership between private equity fund Starboard Partners and Brazilian musician and producer Liminha, the company set out to emulate Primary Wave’s model in the Brazilian market – namely, acquiring partial stakes in the works of iconic artists.
“When we created Nas Nuvens Catalog, we were inspired by Primary Wave’s business model,” NNC’s Chief Financial Officer, Gabriel Sacardo, said in a statement.
NNC has since built itself into one of the five largest music companies in Brazil, amassing a catalog of more than 30,000 songs from Brazilian and other artists, including Carlinhos Brown, Arlindo Cruz, Vanessa da Mata, Torquato Neto, Rodolfo Abrantes, Vinicius Cantuária, César Augusto, Accioly Neto and others.
The company had been looking for a partner to help market its catalog outside Brazil, Bloomberg reported.
“When we created Nas Nuvens Catalog, we were inspired by Primary Wave’s business model.”
Gabriel Sacardo, Nas Nuvens Catalog
“The partnership with Primary Wave will enable – in a two-way street – us to take our region’s talents to an even higher level,” said Liminha, who serves as NNC’s CEO.
“This transaction shows not only the confidence Primary Wave has in Nas Nuvens Catalog and its team but also in Brazilian and Latin music, its quality, and its potential to be appreciated worldwide regardless of language.”
NNC Chief Operating Officer Jason Eliasen added: “Brazil has long been an epicenter of music and our partnership with Primary Wave will enable the further internationalization of Nas Nuvens Catalog’s portfolio and Brazilian music as a whole. We look forward to working together with Primary Wave’s fantastic team to catalyze both organic and inorganic growth.”
Bill Cisneros, President of Primary Wave IP Investment Management noted that “Brazilian music is loved all over the world” and the partnership will enable the two companies “to both protect and grow that exceptional cultural legacy.”
“The Nas Nuvens catalog and team are absolutely excellent,” said Primary Wave’s COO, Ramon Villa. “We are grateful to be a part of the iconic Brazilian artistry they represent and look forward to the growth in acquisition and the global marketing initiatives we can execute together.”
In the fall of 2022, Primary Wave struck a $2-billion deal with financial powerhouse Brookfield Asset Management to acquire music copyrights.
“Brazilian music is loved all over the world, and we are thrilled to partner with the Nas Nuvens team to both protect and grow that exceptional cultural legacy.”
Bill Cisneros, Primary Wave
The company has since built on an already impressive track record of acquisitions, including the music rights of two members of The Doors; a “multi-million-dollar” rights and management deal with Steve Van Zandt (best known for his work with Bruce Springsteen); and the music publishing rights of Dennis DeYoung of Styx.
It also bought the publishing rights and recording royalties of the estate of Scott Weiland of Stone Temple Pilots; the master royalties and writer’s share of works by Derek Dick of Marillion; and the catalog and writer’s share of George Brown of Kool & The Gang.
The company also made a $100-million investment into India’s Times Music.
That’s on top of an already impressive collection of music rights that includes works from Bob Marley, Prince, Stevie Nicks, James Brown, Smokey Robinson, Whitney Houston, Ray Charles, Burt Bacharach, Bing Crosby, Luther Vandross, Olivia Newton-John, Isaac Hayes, Aerosmith, Def Leppard, Boy George and Culture Club, The Cranberries and many others.
In a recent press release announcing the hiring of Agnes Kakicki to the role of Head of Corporate Development, the company hinted it’s eyeing the acquisition of a music platform.Music Business Worldwide