The Caisse de dépôt et placement du Québec, together with the the Fonds de solidarité FTQ, is providing the Cirque du Soleil Entertainment Group with a US$120 million credit facility.
With the new financing, Cirque du Soleil is acquiring the Works Entertainment, a U.S.-based, medium-scale theatre production company.
Already a shareholder of Cirque du Soleil, the Caisse intends to continue its active involvement in supporting the company’s expansion, noted Charles Émond, executive vice-president for Quebec and global strategic planning at the Caisse, in a press release.
Read: Caisse boosts investment in electric vehicle charging company
“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,” he added.
The newly acquired he Works Entertainment has produced international cabaret-style, circus, musical and magic shows. It’s the third recent acquisition by Cirque du Soleil, following its purchase of Blue Man Group in 2017 and VStar Entertainment Group in 2018.
“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 chief executive officer of Cirque du Soleil Entertainment Group.
Read: Caisse boosts investment in Canadian logistics provider
“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.”