The Steep Canyon Rangers (pictured) have released several albums via Redeye’s Yep Roc, which is included in the acquisition deal announced by Exceleration Music. Photo Credit: Stacyclaude
Indie-focused investment company Exceleration Music has announced the acquisition of Hillsborough, North Carolina-based distributor Redeye Worldwide.
Three-year-old Exceleration Music emailed Digital Music News today with word of the deal for 27-year-old Redeye. The play, it’s worth noting at the outset, follows Exceleration’s purchase of multiple catalogs as well as businesses such as Chicago’s Bloodshot Records.
While the involved parties opted against disclosing the precise financials associated with the newest of these transactions, however, they did emphasize that it encompasses Redeye labels Yep Roc (the professional home of acts including Chuck Prophet and Aoife O’Donovan) and Sundazed, besides the entity’s Riff City Sounds publishing company.
On the distribution and label-services sides, the Border Music parent Redeye is said to count as clients Beggars Group, Domino, New West Records, Stones Throw Records, and Innovative Leisure, to name just a few.
According to Exceleration, the acquisition “marks a pivotal moment” and will enable it “to manage all aspects of music’s journey to the streaming and physical markets, delivering fully independent worldwide distribution and label services.”
Building upon the point, execs disclosed that Redeye co-founders Tor Hansen and Glenn Dicker “have become shareholders in Exceleration” and will continue to lead their over 120-person operation with additional support from the latter business. (Exceleration’s own co-founders are former Concord CEO Glen Barros, Epitaph and Merlin vet Dave Hansen, former Merlin CEO Charles Caldas, former Ingrooves GM Amy Dietz, and former Concord Records president John Burk.)
“Redeye’s operational structure remains unchanged,” the newly aligned companies drove home, mentioning the ongoing presence of “key” executives including head of international Michael Petkov, global marketing director Laura Pittard, and associate VP of global operations Michael Howard.
Addressing the agreement, Exceleration partner and co-founder Glen Barros reiterated that the addition of Redeye and its various divisions “represents an important expansion of Exceleration’s overall strategy to strengthen the independent community.”
“Redeye already provides a great service to an impressive set of first-rate indie labels looking for a distributor that can service both physical and digital channels on a global basis,” proceeded Barros. “Together with Glenn, Tor and the Redeye team, we plan to expand Redeye’s already impressive network and to collectively help our current, and future label partners to truly thrive.”
And in comments of his own, Redeye co-founder Glenn Dicker communicated: “Working with the Exceleration team feels like expanding the family. Sharing strong ideals and a strategic vision, it feels like the next natural step on our journey towards providing our world class distribution service to an expanded independent community.”