Sweetwater Announces Growth Equity Expense from Providence Fairness Associates
FORT WAYNE, Ind. & PROVIDENCE, R.I.–(Small business WIRE)–Sweetwater, a major eCommerce supplier of musical devices and audio products, today declared a strategic expenditure from money suggested by Providence Fairness Partners (“Providence”), a leading personal equity firm. Fiscal phrases of the transaction were being not disclosed.
Considering that its humble beginnings in 1979, Sweetwater has grow to be an on the web marketplace chief serving millions of prospects and employing a workforce of countless numbers of committed employees. By around four decades of invoking its robust consumer encounter coined the ‘Sweetwater Difference’, the organization has grow to be a top eCommerce supplier of audio tools and musical instruments in the United States. Sweetwater has a potent track document of sustaining long-term, scalable growth by identifying and capitalizing on new marketplace options. The enterprise lately announced it had obtained $1 billion in annual profits and served about 1.5 million unique shoppers and additional over 400 new jobs.
Chuck Surack, Founder and CEO of Sweetwater, stated: “We are thrilled to companion with Providence to aid accelerate our upcoming period of growth and carry the ‘Sweetwater Difference’ to even a lot more prospects. I am exceptionally very pleased of the expansion our organization accomplished in excess of the last year, which would not have been probable with out the perseverance of our staff and planet-class staff of music gear authorities. I am confident this progress equity investment decision will allow for us to arrive at new heights and further our mission of enabling consumers to make tunes and go after their dreams.”
John Hopkins, COO of Sweetwater, added: “Providence is a fantastic spouse to keep on our momentum and consider Sweetwater to the upcoming level. As the environment emerges from the pandemic, we consider the firm’s solid keep track of report of supporting audio-linked companies accelerate their growth will be a must have. The Providence crew appreciates what will make Sweetwater distinct and we are aligned on how we can further more leverage our one of a kind lifestyle to capitalize on new opportunities that create even far better purchaser encounters.”
Scott Marimow, Controlling Director at Providence, mentioned: “Sweetwater’s position as an on-line business leader is a immediate consequence of its distinctive culture and devotion to purchaser assistance. We consider the organization is perfectly-positioned for sustainable progress as live functions return and artists and leisure companies glimpse to give the unforgettable experiences that have been absent around the earlier year and a 50 percent. We are enthusiastic to spouse with these a lifestyle-pushed business and glance forward to doing work with Chuck and crew to mature the small business together.”
Providence has about two decades of working experience investing in and producing lasting value at a vast array of electronic and ecommerce platforms these as CDW, Autotrader, Hulu, Blackboard, HSE24, Tes World wide and Groupe La Centrale. On top of that, Providence’s latest and preceding new music-similar investments consist of Ambassador Theatre Group, TAIT, Tempo New music Investments, Superstruct Entertainment, and Warner Tunes Group. A entire listing of Providence portfolio providers can be observed at https://www.provequity.com/portfolio.
Michael Dominguez, Chief Financial commitment Officer of Providence, mentioned: “More than the past 42 a long time Sweetwater has built an sector chief with an incredible motivation to assistance that can help customers fuel their passion for songs. We are honored to lover with a company that has stayed correct to its buyers, brands and personnel, all even though setting up itself as a pinnacle in the songs and audio retail place. We’re enthusiastic about the progress alternatives that lie ahead.”
J.P. Morgan served as Sweetwater’s distinctive economical advisor and King & Spalding LLP and Carson LLP served as legal advisors to Sweetwater. The Raine Group served as Providence’s financial advisor and Weil, Gotshal & Manges LLP served as lawful advisor to Providence.
About Sweetwater
Launched in 1979, Sweetwater is a top on-line retailer of songs devices and audio equipment in the U. S. The company is highly regarded as a primary retailer serving musicians, recording studios, broadcast, education and learning, and homes of worship. Sweetwater’s buyers can be located all over the place new music is listened to 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 thousands of residence recording studios and in universities and church buildings nationwide. Sweetwater’s founding and meteoric development are created on a proficient and experienced team, exceptional selection and pricing, and, higher than all, an unwavering commitment to consumer service excellence in every single condition. For even more information and facts, pay a visit to Sweetwater.com.
About Providence Fairness Companions
Providence Equity Associates is a premier world personal equity business with approximately $45 billion in combination money commitments. Providence pioneered a sector-focused tactic to private equity investing with the eyesight that a dedicated crew of market authorities could make remarkable companies of enduring price. Because the firm’s inception in 1989, Providence has invested in around 170 corporations and is a primary equity financial commitment business targeted on the media, communications, training, program and solutions industries. Providence is headquartered in Providence, RI, and also has places of work in New York and London. For much more details, be sure to stop by www.provequity.com.