The financing of US$120 million will allow the Group to continue its international growth
MONTREAL, Feb. 6, 2019 /CNW Telbec/ - Cirque du Soleil Entertainment Group announces today the acquisition of The Works Entertainment and the signature of a US$120 million credit facility made available by the Fonds de solidarité FTQ (the Fonds) and the Caisse de dépôt et placement du Québec (la Caisse). This financing namely allows for the acquisition of the U.S-based company that has made its mark in medium-scale theatre production with successful magic shows like The Illusionists and Now You See Me Live, and will support the future growth of the company.
"We're especially proud to be able to count on the support of major Quebec-based financial partners for this acquisition and to pursue our international growth," said Daniel Lamarre, President and CEO of Cirque du Soleil Entertainment Group. "We have been part of the Quebec landscape for nearly 35 years, and our international renown begins here. This investment reaffirms the continuation of our operations at our Montreal headquarters and will help us achieve our ambitions as an entertainment group."
"Cirque du Soleil Entertainment Group is a flagship, Quebec-based company with considerable international reach in the entertainment industry," said Janie Béïque, Executive Vice-President for Investments at the Fonds de solidarité FTQ. "We're investing in a world-class management team with an ambitious growth plan. Acquiring The Works Entertainment fits into this strategy and strengthens the Montreal headquarters through its resulting benefits."
"Already a shareholder of Cirque du Soleil Entertainment Group, la Caisse continues to play an active role in the growth and international expansion of Québec companies, which is what this transaction reflects," stated Charles Émond, Executive Vice-President, Québec and Global Strategic Planning at la Caisse. "Cirque du Soleil Entertainment Group will use this financing to carry out its expansion plans, which include acquisitions such as the one announced today that diversify its offering and strengthen its position as a world leader in entertainment."
Since 2012, The Works Entertainment creates, presents and produces high-quality shows throughout the world. Their portfolio also includes cabaret-style shows, circus art shows such as Circus 1903 – The Golden Age of Circus, as well as musicals. Adding these shows to Cirque du Soleil Entertainment Group's portfolio will enable it to further diversify its content offering and reinforce its presence in the worldwide theatre venue distribution network.
This transaction represents the third acquisition for Cirque du Soleil Entertainment Group in recent years, after acquiring Blue Man Group in 2017 and VStar Entertainment Group in 2018. This acquisition confirms the company's leading position in the industry and testifies of its expansion from a company solely centred on circus arts to a live entertainment creator, producer and promoter.
All media materials, including photos and videos of both companies, are accessible at the following link: https://app.box.com/s/a0lgp9iomd7mmjuytlnt2vb6epw8py1o.
About Cirque du Soleil Entertainment Group
Cirque du Soleil Entertainment Group is a world leader in live entertainment. On top of producing world-renowned circus arts shows, the Canadian organization brings its creative approach to a large variety of entertainment forms such as multimedia productions, immersive experiences, theme parks and special events. It currently has 4,500 employees from nearly 70 countries. Going beyond its various creations, Cirque du Soleil Entertainment Group aims to make a positive impact on people, communities and the planet with its most important tools: creativity and art. For more information about Cirque du Soleil Entertainment Group, please visit CDSentertainmentgroup.com.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at November 30, 2018, the organization had $14.8 billion in net assets, and through its current portfolio of investments has helped create and protect more than 194,000 jobs. The Fonds is a partner in more than 2,800 companies and has over 667,000 shareholder-savers. To find out more, visit www.fondsftq.com.
About Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held CAD308.3 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
SOURCE Caisse de dépôt et placement du Québec
For further information: Media Contacts: Groupe Cirque du Soleil, Elise Tellier, 514-723-7646 X 8019, [email protected]; Fonds de solidarité FTQ, Patrick McQuilken, 514-850-4835, [email protected]; Caisse de dépôt et placement du Québec, Jean-Benoît Houde, 514-847-2571, [email protected]