Limassol, Cyprus. Muse Group has announced a new phase in its development following the conclusion of a two-year investment partnership with Francisco Partners. The investment firm, which acquired a minority stake in the company in 2023, has exited its investment.
Partnership concludes
Muse Group, headquartered in Limassol, described the end of the partnership as the beginning of a new stage for the company. Francisco Partners first invested in the business in 2023 through the acquisition of a minority stake.
Expansion and acquisition
During the partnership, Muse Group expanded its international presence, strengthened its technological capabilities and completed the acquisition of Hal Leonard. The company also reported consistent performance across its portfolio of brands.
Transaction support
The transaction concluding the partnership was supported by senior credit facilities arranged by J.P. Morgan and the company’s existing cash reserves.
Leadership remains unchanged
Founder and chief executive Eugeny Naidenov remains the majority owner and retains control of the company. He continues to work closely with executive chairman and chief operating officer Mo Chahdi, supported by a management team with expertise in technology, product development, growth, artificial intelligence, global operations, finance and organisational scaling.
Founder statement
“I founded Ultimate Guitar in 1998, driven by a passion to improve the lives of musicians every day,” Naidenov said.
“Francisco Partners helped us expand that vision to more markets, more products and more creators around the globe,” he added.
“Muse Group is now ready for its next phase,” Naidenov said.
