FORT WAYNE, Ind. (CelebrityAccess) — Sweetwater, a major online retailer of musical instruments and audio equipment received a major investment from funds advised by private equity firm Providence Equity Partners.
Founded in 1979, Sweetwater has grown to become one of the leading online retailers of instruments and audio gear. The company recently announced that annual revenue topped $1 billion for the first time, serving 1.5 million unique customers during that period.
“We are thrilled to partner with Providence to help accelerate our next phase of growth and bring the ‘Sweetwater Difference’ to even more customers. I am incredibly proud of the growth our company achieved over the last year, which would not have been possible without the dedication of our employees and world-class team of music gear experts. I am confident this growth equity investment will allow us to reach new heights and further our mission of enabling customers to make music and pursue their dreams,” said Chuck Surack, Founder and CEO of Sweetwater.
“Sweetwater’s status as an online industry leader is a direct result of its unique culture and dedication to customer service. We believe the company is well-positioned for sustainable growth as live events return and artists and entertainment companies look to provide the memorable experiences that have been absent over the past year and a half. We are excited to partner with such a culture-driven company and look forward to working with Chuck and team to grow the business together,” added Scott Marimow, Managing Director at Providence.
Providence Equity’s portfolio also includes investments in entertainment-related companies such as digital streaming service Hulu, festival promoter Superstruct, Warner Music Group, Ambassador Theatre Group, and Kerasotes Theaters.
The financial terms of the transaction were not disclosed.