sweetwater store

Sweetwater wins major investment from Providence Equity Partners

Music instrument and audio tech retailer Sweetwater has received a major investment from private equity firm Providence Equity Partners.

Since it was established in 1979, Sweetwater has become a leading online provider of audio equipment and instruments in the US. 

Commenting on the new investment, Chuck Surack, Sweetwater Founder and CEO said: “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.”

The company recently announced it had achieved $1 billion in annual revenue, served over 1.5 million customers and created more than 400 new jobs.

“Providence is a great partner to continue our momentum and take Sweetwater to the next level,” said John Hopkins, Sweetwater COO. “As the world emerges from the pandemic, we believe the firm’s strong track record of helping music-related businesses accelerate their growth will be invaluable. The Providence team appreciates what makes Sweetwater different and we are aligned on how we can further leverage our unique culture to capitalize on new opportunities that create even better customer experiences.”

Providence has over two decades of experience investing ina wide range of digital and platforms. The firm’s music-related investments include Ambassador Theatre Group, TAIT, Tempo Music Investments, Superstruct Entertainment, and Warner Music Group

“Sweetwater’s status as an online industry leader is a direct result of its unique culture and dedication to customer service,” said Providence MD Scott Marimow. “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.”

The financial details of the investment have not been disclosed.

Last week, Sweetwater ran its free annual GearFest event which is now in its 20th year. The event took place online for the second year in a row, due to the pandemic. 

Next year’s GearFest is set for 24-25 2022. 

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