Reverb, a musical instrument trading platform owned by Etsy, has announced that it will become an independent company again after Etsy agreed to sell this business to a group of investors known as Creator Partners and Servco without disclosing the deal’s value.
Etsy acquired Reverb in 2019 for $275 million.
David Mandelbrot, CEO of Reverb, stated that this deal will bring new owners to the platform more closely related to the creative and music business. Creator Partners is an investment company focusing on music-related businesses such as BMI, SoundCloud, and Colors+Studios, while Servco owns the guitar company Fender.
Source: Reverb
TLDR: Reverb, previously owned by Etsy, is becoming an independent company again through a deal with Creator Partners and Servco, bringing new ownership aligned with the music and creative industry.
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