School of Rock Raises $5M
School of Rock, a Burr Ridge, Ill.-based music education company, has raised $5m in funding.
The round was led by Chicago-based private equity firm Sterling Partners, with participation from existing investors.
The company intends to use the capital to further expand growth in North America while accelerating its franchise development efforts.
Founded as a single school in Philadelphia in 1998 and led by CEO Chris Catalano and COO Brandon Turner, School of Rock manages beginner, intermediate and advanced programs offering music lessons on guitar, bass, piano, vocals and drums. Today it is an international franchise, operating more than 80 schools in the U.S. and Mexico.
According to a written statement, the company plans to triple the number of schools by 2015 and anticipates increasing enrollment by more than 50 percent in the next two years.