Position Music has scored a “strategic growth investment” from Irvington, New York’s Vesper Company, which has taken a minority position in the indie-music company.
24-year-old Position Music unveiled the investment and several executive appointments today, drawing attention in the same announcement message to a recently secured credit facility from Pinnacle Bank. While the financials associated with Vesper’s support haven’t been publicly revealed, Burbank-based Position indicated that the firm had made a “significant minority investment.”
The Vesper-Position tie-up will support the latter’s “rapid growth in its frontline business and catalog acquisitions,” according to higher-ups. On the publishing side, Position’s roster is said to possess interests in works popularized by Ariana Grande, Blink-182, Avril Lavigne, and Machine Gun Kelly, with the Tyler Bacon-founded company having also signed acts including Kid Bloom, Welshly Arms, and Blackway to its label.
Addressing the deal in a statement, Bacon communicated: “I am excited to partner with the Vesper team as we enter this next phase of growth. With Vesper’s investment and strategic experience paired with our new credit facility from Pinnacle Bank, we are well-positioned to substantially build on the foundation we have built for 24 years.”
According to Billboard, which is said to have reviewed SEC filings from Vesper, the entity has since its founding “raised at least $36.5 million in selling securities.” Separately, Position reiterated that its Burbank campus boasts “nearly 15,000 square feet of office space and studios,” with four additional recording studios “currently being completed.”
Shifting to the aforesaid appointments, Bacon took the opportunity to name as Position Music partners longtime team members Emily Weber (who serves as VP and head of sync), Mark Chipello (VP and head of A&R), and Verse Management owner Jake Versluis (VP of A&R and gaming).
“I am excited to announce Emily Weber, Mark Chipello and Jake Versluis have been made partners in the company,” relayed Bacon, whose business is said to have over 40 full-time employees (a figure that’s more than doubled since 2019), including 11 staffers in A&R and a 12-person sync division. “The four of us have been working closely together for over a decade and I’m honored to more officially call them partners.”
In other investment and acquisition news, April’s opening half has also seen Faber Music purchase Manners McDade, whereas Wise Music bought a controlling stake in Edition Peters and Songtradr finalized its 7digital buyout.