YMU Group, a global artist management company led by Steve Aoki, 3LAUs, Paris Hilton, Yon Gravy According to news reports, the company’s music client, British pop group Take That, is considering financial restructuring options to deal with a large amount of debt.
British TV station Sky News reports that the lenders of the London-based and majority-owned private equity firm Trilantic Europe, which has offices in New York, Los Angeles and Washington, have appointed Consulting firm AlixPartners will conduct an independent investigation into the YMU Group’s finances.
Sky said citing London financial center officials that the YMU Group owed about £70m ($87m) to Lloyd’s Banking Group and Permira Credit. The company has agreed with lenders to appoint a chief restructuring officer amid concerns over group debt, according to the report.
However, the same report also cites an unnamed source, whom Sky describes as being “close” to YMU, who told the outlet that the operating company was “growing” and ” He said he had no concerns about the future.
YMU Group, Trilantic Europe and AlixPartners did not respond to requests for comment. signboard Thursday (June 8th).
YMU was founded in 2018 when UK-based management company James Grant Group was majority-acquired by Trilantic Europe and rebranded to YM&U, which stands for You, Me and Us. .
According to the company’s website, YMU has approximately 350 employees in the UK and US and more than 1,000 managed clients across television, film, social creators, literature, sports, entertainment and music.
Other notable music clients include Grammy-winning producer Dela Cruz, American singer-songwriter Casey Hill, British pop stars James Arthur and Jesse Nelson, and Norwegian dance duo. cream.
YMU’s music team is led by the Global President of Music Matt Colon, Manager of dance music DJ Aoki. Colon joined the artist management company Dexter, which he co-founded, after it was acquired by the James Grant Group in 2017.
Mary Bekaite He has been the global CEO of the YMU Group since January 2021. In February, a former NBCUniversal marketing executive was hired. Linda Yaccarino Appointed as chairman of the YMU Group. This week, Yaccarino formally assumed the role of CEO of Twitter. Elon Musk.
According to its latest financial report, YMU Group’s revenues for the year ended 31 December 2021 totaled £41.4m ($51.8m), an increase of around 10% on the previous year. 2021 EBITDA (earnings before interest, tax, depreciation and amortization) is stated at £8.2m ($10.3m) and Adjusted EBITDA (excluding special charges) is stated at £10.5m ($13.1m).
Despite earnings growth, YMU Group posted a loss after tax of £4.8m ($6m) in 2021. The company attributed this to net interest of £5.8m ($7.3m) and depreciation of £7.2m ($9m). and amortization. Add to that a loss of £52.8m ($66.1m) in 2020, according to the UK Companies Authority financial report.
YMU’s financial statements show that the company had a net debt of £74.7m ($93.6m) as of 31 December 2021, “mainly as a result of the group’s long-term debt which cannot be repaid until 2025 and beyond”. .
In its late-2021 filing, YMU Group said the development of the group’s international operations was a “major strategic focus”, “both organically and through acquisitions in both the UK, North America and, increasingly, mainland Europe”. He said he is still looking for growth.
YMU’s 2022 financial accounts are expected to be submitted by the end of September.