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Evelyn Partners has completed the sale of Proper Music Group Limited (PMG), a holding company of a number of businesses in the music and film industry, to Artone.
Mark Supperstone and Ben Woodthorpe from Evelyn Partners had been appointed as joint administrators of PMG, which owns Proper Music Distribution (PMD), the UK’s leading physical distributor of independent music.
Immediately following their appointment, the joint administrators sold certain assets to Artone and PMD managing director Drew Hill, including the shares of all companies trading under PMG – PMD, Proper Records, Proper Music Publishing and propermusic.com.
The subsidiaries now join Artone’s portfolio of companies catering to the physical music market. This will allow clients of both PMD and Artone to unlock pan-European deals for distribution, production, packaging, retail and D2C sales.
The sale has been agreed alongside the signing of a new multi-year lease for PMD’s current site in Dartford. Hill will remain managing director at PMD, continuing his 18 years of service.
Supperstone said: “We are pleased to announce this sale which effectively secures the future of physical music distribution for independent labels in the UK. There was a high level of interest in acquiring the trading group and, having worked closely with Drew and his team for some time, we are pleased to complete the deal with Artone, who are able to offer many synergies that will enable the businesses to flourish in the years to come. We wish them all the best.”
Jan Willem Kaasschieter, CEO at Artone, added: “Artone has been actively looking for opportunities to expand its distribution footprint, and PMD represents a perfect fit. PMD has played a vital role in supporting independent labels and artists in the UK. By bringing PMD into the Artone family, we ensure its continued success and provide stability for its partners.
“Our expertise, financial strength, and extensive network will support the long-term growth of the business and maintain a strong, diverse physical music market. We look forward to working closely with Drew and the Proper team to build on its legacy.”
Hill said: “In its 35 years, Proper Music Group has always strived to go above and beyond for its partners. This next step is an opportunity to secure the future of the business and continue to deliver a bespoke service to independent artists and labels. Having worked closely with Artone and Bertus Distribution over the years, together we’ll continue to champion a healthy and competitive physical distribution sector which ensures diversity of choice.”
