Caisse de dépôt et placement du Québec has invested an additional $14.3 million in Stingray Digital Group Inc, a Canadian multi-platform music and in-store media solutions provider. The deal was in part a repurchase of shares sold by Telesystem Ltd. Telesystem, a long-time backer of Stingray, previously announced it generated about $30.8 million in proceeds from a secondary offering. Montréal-based Stingray raised nearly $180 million in an initial public offering last year. It continues be a portfolio company of Canadian private equity firm Novacap and other investors.
Photo: Eric Boyko, CEO of Stingray Digital Group Inc (centre right), helps open the market to celebrate listing on Toronto Stock Exchange, June 2015.
La Caisse increases its ownership interest in Stingray
MONTRÉAL, June 20, 2016 /CNW Telbec/ – Caisse de dépôt et placement du Québec announced a further investment of $14.3 million in Stingray, a leading Québec business-to-business multi-platform music and in-store multimedia solutions provider, through the acquisition of 2,000,000 subordinate voting shares.
The transaction is part of a repurchase of a portion of the shares held by Telesystem Ltd. as announced earlier today by Telesystem.
“As a long-term investor in high-performing companies, it was a natural choice for us to increase our stake in this Québec leader. Stingray already has a strong reputation through its global footprint and demonstrates significant growth potential. This transaction is perfectly aligned with our goal to strengthen innovative companies aiming to expand into new markets,” said Christian Dubé, Executive Vice-President, Québec at la Caisse.
“We are very pleased and proud of the investment by Caisse de dépôt et placement du Québec. La Caisse plays an active role with Québec companies, paving the way for a new generation of entrepreneurs and furthering the development of high-growth businesses in Québec,” said Eric Boyko, Chief Executive Officer and Co-Founder of Stingray.
Stingray (TSX: RAY.A; RAY.B) is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 400 million Pay-TV subscribers (or households) in 152 countries. Geared towards individuals and businesses alike, Stingray’s products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray Brava, Stingray Djazz, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance, Stingray Karaoke and iConcerts. Stingray also offers various business solutions, including music and digital display-based solutions, through its Stingray Business division. Stingray is headquartered in Montreal and currently has close to 300 employees worldwide, including in the United States, the United Kingdom, the Netherlands, Switzerland, France, Israel, Australia and South Korea. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte’s Technology Fast 50TM list, and figures amongst PROFIT magazine’s fastest-growing Canadian companies. In 2016, Stingray was awarded best IR for an IPO at the IR Magazine Awards – Canada. For more information, please visit www.stingray.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 December 31, 2015, it held $248.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure and real estate. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
For further information: JEAN-BENOÎT HOUDE, Senior Advisor, Media Relations, +1 514 847-5493, firstname.lastname@example.org
Photo courtesy of TMX Group Ltd