Jamen Capital and Merlin have completed their acquisition of Curve Royalty Systems from Virgin Music Group.
The deal closed following final approval of the transaction by the European Commission, the companies said on Tuesday (August 18).
The completion establishes Curve as a standalone business under new ownership, separate from Universal Music Group.
The sale resolves a condition imposed by the European Commission, which cleared UMG‘s $775 million acquisition of Downtown Music Holdings only on the basis that Curve be divested to an independent buyer.
Curve‘s leadership, team, brand, products and client relationships remain unchanged, according to the announcement, and the company said its new owners are committed to preserving its neutrality.
Richard Leach will continue to lead the business as CEO, with clients retaining their existing contacts.
“Completing this transaction gives Curve the independence, stability and backing we need for the next stage of our development,” said Richard Leach, CEO of Curve Royalty Systems.
“For our clients, it is very much business as usual: the same team, products, service and commitment to protecting their data and interests. What changes is our ability to invest more ambitiously in the future.
“With the support of Jamen and Merlin, we can accelerate innovation, develop new products and continue building the elite-level infrastructure that music businesses need to manage increasingly complex royalty flows.”
“Completing this transaction gives Curve the independence, stability and backing we need for the next stage of our development.”
RICHARD Leach, Curve Royalty Systems
Leach added: “Downtown believed in Curve, invested in our team and supported our growth from the moment it acquired the business in 2022.
“Pieter, Justin, Andrew and the wider Downtown team have worked incredibly hard on our behalf throughout this process, and we thank them for everything they have done. While our ownership is changing, the friendship and mutual respect between our teams remain strong.”
“Curve has earned the trust of music businesses by combining sophisticated technology with genuine sector expertise and outstanding service,” said Matt Spetzler, Founding Partner of Jamen Capital.
“Our priority is to protect everything that has made the company successful while giving Richard and his team the resources to move faster, innovate and create even greater value for clients.”
“Our priority is to protect everything that has made the company successful while giving Richard and his team the resources to move faster, innovate and create.”
Matt Spetzler, Jamen Capital
Charlie Lexton, CEO of Merlin, added: “Curve is vital infrastructure for independent music businesses around the world.
“Completing this acquisition secures its independence and ensures it remains neutral, trusted and closely connected to the community it serves. We are proud to back the team as it expands the platform and develops the next generation of products and services for the sector.”
“Our priority is to protect everything that has made the company successful while giving Richard and his team the resources to move faster, innovate and create even greater value for clients.”
CHARLIE LEXTON, MERLIN
Curve was previously part of Downtown Music Holdings, which Universal Music Group agreed to acquire from its shareholders for $775 million in December 2024.
UMG completed the acquisition in February 2026 through its Virgin Music Group business.
The European Commission cleared the acquisition after UMG committed to divest Curve to an independent buyer approved by the regulator. The commitment was intended to address concerns that UMG could gain access to commercially sensitive information held by Curve in the course of providing royalty-processing services to music companies that compete with UMG.
The divestment covered the Curve business and its staff, with UMG ultimately selling the company to Jamen Capital and Merlin.
Curve provides royalty processing across recorded music and publishing, and says its clients include Armada, Defected, Epitaph, Exceleration, Reservoir, Sony Pictures Entertainment, Virgin Music Group, Netflix and BBC/Demon.
Jamen Capital, the investment firm founded by Matt Spetzler, launched independent financing platform Pipeline in January 2026.
Backed by Spetzler’s investment firm, Pipeline has raised more than $200 million in capital and aims to help independent music companies “unlock the value of their intellectual property, in order to drive growth and scale.”
Days after the platform was announced, Spetzler’s Pipeline struck a partnership with independent licensing company Merlin to give Merlin members access to advances against their digital royalties.
Before launching Jamen Capital, Spetzler was a Partner and Co-Head of Europe at private equity firm Francisco Partners, where he played a key role in the firm’s approximately $750 million majority acquisition of Kobalt Music Group in 2022.Music Business Worldwide
