DistroKid, the world's leading music distributor, today announced that CVC Capital Partners, one of the world's leading private markets investment firms, has signed a definitive agreement to make a majority investment in the company via CVC Capital Partners IX. DistroKid's longtime investor, Insight Partners, will retain a significant minority stake. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions. Terms were not disclosed.
Phil Bauer will continue to lead DistroKid as President, alongside the company's existing leadership team.
Founded in 2013, DistroKid has grown beyond music distribution to offer a broad set of tools for independent musicians. Along with music and video distribution, DistroKid offers instant mastering, direct-to-fan experiences, on-demand and custom merchandise, and more. The company continues to invest in new tools that make it easier for musicians around the world to create and release music and connect with listeners.
"We've been incredibly impressed by what Phil and the entire DistroKid team have built," said Sebastian Künne, a Partner at CVC Capital Partners. "DistroKid has earned the trust of millions of artists by staying focused on what they need most. We look forward to partnering with Phil and his team, drawing on our experience across music, entertainment and consumer subscription businesses to help DistroKid support the next generation of artists around the world."
“DistroKid has transformed how independent artists share their music with the world,” said Deven Parekh, Managing Director at Insight Partners. “We’re proud of our partnership with Phil and the DistroKid team and are excited to continue supporting the company alongside CVC.”
Goldman Sachs & Co. LLC and The Raine Group served as financial advisors to DistroKid.