Nettwerk gets PE financing

UNORTHODOX MOVE, EH? Nettwerk Music Group founder/head Terry McBride said his company has raised a fresh round of $10.25 million in equity growth financing, and is looking to sign and develop artists as well as licensing opportunities and acquire catalog music rights, Hypbot reports. This latest financing includes investments from HBC Investments, as well as additional investment from current shareholders Beedie Capital and Nettwerk’s four founding partners: McBride, Ric Arboit, Dan Fraser and Mark Jowett. "Nettwerk for the past few years has been growing at a very good rate," McBride told the Vancouver Sun. "We're having a lot of success right now. Being a better capitalized company allows us to take better opportunities versus having to live off our own cash flow. So this is me seeing that the time is right to do this and grow the company rapidly." McBride also explained that he’s moving away from personally managing Nettwerk artists. The Vancouver-based company, whose management clients famously included Sarah McLachlan and Avril Lavigne, currently reps Fun., Chinese singer/songwriter Wanting Qu and Aussie artist Passenger. "It was the final shift to free up my time, frankly," he explained. "Would we be having the success we're having with Wanting and Passenger if I'd been locked up as a manager? Probably not." (5/3a)