FORT WAYNE, Ind. & PROVIDENCE, R.I.–(Company WIRE)–Sweetwater, a main eCommerce service provider of musical devices and audio gear, nowadays introduced a strategic financial investment from resources encouraged by Providence Equity Associates (“Providence”), a premier personal fairness organization. Economic terms of the transaction were not disclosed.
Considering that its humble beginnings in 1979, Sweetwater has grow to be an on line market leader serving tens of millions of customers and using a workforce of countless numbers of committed personnel. Through over four decades of invoking its strong buyer encounter coined the ‘Sweetwater Difference’, the company has turn into a leading eCommerce supplier of audio machines and musical instruments in the United States. Sweetwater has a solid monitor document of sustaining extended-expression, scalable development by pinpointing and capitalizing on new market prospects. The business not long ago introduced it experienced reached $1 billion in once-a-year income and served in excess of 1.5 million one of a kind shoppers and added more than 400 new work.
Chuck Surack, Founder and CEO of Sweetwater, mentioned: “We are thrilled to husband or wife with Providence to assist speed up our upcoming stage of progress and bring the ‘Sweetwater Difference’ to even much more shoppers. I am very very pleased of the advancement our firm attained more than the past calendar year, which would not have been achievable with out the determination of our workers and environment-class crew of music equipment gurus. I am self-confident this expansion equity expenditure will allow for us to get to new heights and further our mission of enabling customers to make songs and go after their dreams.”
John Hopkins, COO of Sweetwater, added: “Providence is a wonderful partner to continue our momentum and consider Sweetwater to the future level. As the world emerges from the pandemic, we imagine the firm’s solid monitor record of aiding music-relevant companies speed up their advancement will be a must have. The Providence staff appreciates what tends to make Sweetwater various and we are aligned on how we can more leverage our one of a kind society to capitalize on new chances that make even greater customer ordeals.”
Scott Marimow, Handling Director at Providence, claimed: “Sweetwater’s status as an on line business leader is a direct result of its distinctive society and perseverance to buyer support. We believe the corporation is nicely-positioned for sustainable expansion as stay gatherings return and artists and amusement companies look to present the memorable ordeals that have been absent more than the past yr and a 50 %. We are excited to husband or wife with this sort of a society-driven business and search forward to working with Chuck and crew to mature the business enterprise collectively.”
Providence has over two decades of working experience investing in and making long lasting worth at a broad array of digital and ecommerce platforms this kind of as CDW, Autotrader, Hulu, Blackboard, HSE24, Tes International and Groupe La Centrale. Moreover, Providence’s latest and past audio-similar investments consist of Ambassador Theatre Group, TAIT, Tempo New music Investments, Superstruct Leisure, and Warner Tunes Group. A finish listing of Providence portfolio providers can be found at https://www.provequity.com/portfolio.
Michael Dominguez, Main Expenditure Officer of Providence, explained: “More than the past 42 decades Sweetwater has designed an business chief with an amazing determination to service that helps shoppers gas their enthusiasm for new music. We are honored to companion with a organization that has stayed real to its clients, producers and personnel, all when setting up alone as a pinnacle in the new music and audio retail room. We’re excited about the growth options that lie forward.”
J.P. Morgan served as Sweetwater’s unique economic advisor and King & Spalding LLP and Carson LLP served as authorized advisors to Sweetwater. The Raine Team served as Providence’s monetary advisor and Weil, Gotshal & Manges LLP served as authorized advisor to Providence.
About Sweetwater
Launched in 1979, Sweetwater is a top on the web retailer of audio devices and audio gear in the U. S. The organization is revered as a top retailer serving musicians, recording studios, broadcast, schooling, and houses of worship. Sweetwater’s consumers can be identified almost everywhere audio is heard and audio is played, broadcast, or recorded, like recording, film, and broadcast studios in New York, Nashville, Los Angeles, Chicago, and Miami in hundreds of countless numbers of dwelling recording studios and in educational facilities and church buildings nationwide. Sweetwater’s founding and meteoric progress are crafted on a educated and knowledgeable staff, fantastic range and pricing, and, over all, an unwavering commitment to buyer company excellence in just about every problem. For further more details, check out Sweetwater.com.
About Providence Equity Partners
Providence Fairness Companions is a premier worldwide personal fairness firm with somewhere around $45 billion in combination funds commitments. Providence pioneered a sector-focused technique to private equity investing with the vision that a dedicated workforce of business authorities could create outstanding companies of enduring value. Due to the fact the firm’s inception in 1989, Providence has invested in over 170 providers and is a top equity financial investment agency targeted on the media, communications, instruction, computer software and providers industries. Providence is headquartered in Providence, RI, and also has workplaces in New York and London. For much more information, you should check out www.provequity.com.