Photo Credit: Andrey K

30 months later, Francisco Partners has officially exited its minority position in Muse Group, which is eyeing acquisitions and more in “its next chapter of growth.”

Cyprus-based Muse Group reached out to DMN with word of the transaction, which was powered by “cash on hand” as well as senior facilities arranged by J.P. Morgan. Like with Francisco’s initial investment, which fueled Muse’s Hal Leonard combination, the involved parties opted against divulging hard numbers.

But Muse did note that founder and CEO Eugeny Naidenov will remain at the helm. In a statement, the exec touched on what the future holds for his company, which also owns Audacity and Audio.com, among others.

“I founded Ultimate Guitar in 1998, driven by a passion to improve the lives of musicians every day. Francisco Partners helped us expand that vision to more markets, more products, and more creators around the globe,” said Naidenov.

“Muse Group is now ready for its next phase. We have the products, the team, the community, and the ambition to keep building technology that helps musicians do even more with their creativity,” he concluded.

And on the opposite side of the agreement, Francisco Partners MD Lee Rubenstein, whose firm cashed out of Kobalt in March, touted Muse’s “impressive growth.”

“Since our initial investment,” Rubenstein indicated in part, “the company has delivered impressive growth, completed its transformational acquisition of Hal Leonard, and built a leading global music technology platform.

“We are proud of the company’s accomplishments and are confident Muse Group is well positioned for its next chapter of growth.”

As for what this next chapter of growth will entail, Muse highlighted plans “to partner with and acquire products that support its mission.”

Overall, the focus will be on scooping up “businesses with loyal communities, strong product foundations, high-intent users, and the potential to become more valuable,” the company communicated.

And in the bigger picture, Muse is looking “to build the definitive technology platform for music learners and creators.”

Though the development flew under the radar to some extent, Hal Leonard last year brought Arabic-language editions of its learning materials to Saudi Arabia under a Saudi Music Commission partnership.

Additionally, 2025 saw Wise Music sell its digital education division, including MusicFirst, to private equity Achieve Partners.