News: Press Release
With AVL Digital Group Deals, Offit Kurman M&A Attorneys Complete Large Client Transactions
For Immediate Release
Philadelphia, PA | April 15, 2019
After a record-breaking year in 2018 for business transactions closed for clients, the attorneys of Offit Kurman’s Mergers & Acquisitions Practice Group are pleased to announce the completion of another $100 million plus deal that finalized in March 2019.
Joseph M. Armstrong and Herbert R. Fineburg represented the AVL Digital Group in two successful transactions valued at over $240 million. . Mr. Fineburg has worked with the AVL Digital Group for decades prior to closing these transactions during the first week of April 2019.
In the first transaction, AVL Digital Group spun off its legacy physical product divisions, Disc Makers®, BookBaby®, and Merchly, to DIY Media Group, Inc., an entity newly formed by the senior management team headquartered in Pennsauken, New Jersey.
Shortly after the spinoff of the legacy physical product divisions, AVL Digital Group sold its integrated portfolio of industry-leading music distribution and artist services businesses, including AdRev®, CD Baby®, DashGo℠, and Soundrop® to Downtown Music Holdings, the parent company of Downtown Music Publishing and Songtrust®. With a diverse client base of over 900,000 artists, labels and other rights holders, AVL Digital Group represents the largest independent sound recording catalog in the music industry. Collectively, AVL Digital Group’s portfolio companies distribute and monetize a catalog of over 10 million tracks across popular content streaming services, including Amazon, Apple Music, Spotify and YouTube.
AVL Digital Group will continue to be led by its highly-regarded CEO Tracy Maddux, based in Portland, Oregon. “This transaction will allow us to take our service of the indie community to the next level,” said Maddux. “We are excited to continue to build leading platforms for independent artists and rights holders worldwide, where they can find everything they need to release, promote and monetize their music.”
DIY Media Group, Inc. and AVL Digital Group’s digital distribution businesses will maintain their strategic partnership so artists can continue to easily offer their fans digital and physical products.
To learn more about the current M&A market, see a recent recap of deals closed, and get in touch with an Offit Kurman M&A attorney, visit offitkurman.com.
ABOUT JOSEPH ARMSTRONG
email@example.com | 267.338.1379
Mr. Armstrong concentrates his practice in business law, transactions, and litigation and regularly represents clients in contractual disputes, employment disputes, misappropriation of trade secrets, copyright infringement, post merger and acquisition disputes, enforcement of restrictive covenants, and adversary claims in bankruptcy.
Mr. Armstrong works with a variety of entrepreneurs and business owners to help guide them in the business owning process through all stages from formation to succession planning and eventually exiting, selling or transferring the business. Mr. Armstrong leverages his extensive experience in business litigation to guide his owner-managed corporate clients through potential controversies with an emphasis on risk management and avoiding costly disruptive litigation.
ABOUT HERBERT FINEBURG
Mr. Fineburg is recognized as one of Philadelphia’s most respected business lawyers whose substantial knowledge of tax law provides clients with strategic and cost-saving benefits in connection with commercial transactions, taxation and wills, trusts and estates matters. Known for his ability to resolve complicated matters effectively, Mr. Fineburg has assisted businesses and individuals with the organization of their finances, business and real estate affairs, and the structure of their assets (i.e., in LLCs, partnerships, corporations, trusts or joint ownership). He has substantial expertise in the preparation of buy-sell agreements for co-owners who are family members or unrelated business partners and has handled the resolution of shareholder and partner disputes and buy-outs. In addition, to working on bank financings, business contracts and employment matters for his business clients, Mr. Fineburg also provides advice on business acquisitions and sales.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence-in a partner, that’s perfect.
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