PROVIDENCE – Providence Equity Partners has agreed to make a strategic growth equity investment in Sweetwater, an e-commerce provider of musical equipment, Providence Equity announced Tuesday.
The terms of the deal were not disclosed.
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Sweetwater, which sells audio equipment and musical instruments in the U.S. market, recently announced it had reached $1 billion in annual revenue, serving over 1.5 million customers, Providence Equity said.
“Sweetwater’s status as an online industry leader is a direct result of its unique culture and dedication to customer service,” Scott Marimow, managing director at Providence Equity said in a statement. “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.”
Providence Equity now has $45 billion in aggregate capital commitments, the Providence-headquartered firm 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,” said Chuck Surack, founder and CEO of Sweetwater. “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.”
Sweetwater was founded in 1979 and is headquartered in Fort Wayne, Ind.
