Montréal-based Solotech has received an undisclosed strategic investment from Claridge, the investment firm of the Bronfmans, Capital régional et coopératif Desjardins, a fund managed by Canadian private equity firm Desjardins Capital de risque, and Investissement Québec. The company, a provider of audio, video, lighting and other solutions to festivals, television shows and corporate events, will use the new funds to reorganize its share ownership, following the departure of a Québec institutional investor and Solotech co-president Denis Lefrançois. Investment proceeds will also support plans for expansion, through organic growth and acquisitions.
New Strategic Shareholders at Solotech
MONTRÉAL, Oct. 25, 2013 /CNW/ – François Ménard, president and shareholder of Solotech, is pleased to announce three new strategic financial partners for the company: Claridge, Capital régional et coopératif Desjardins and Investissement Québec. These changes are part of a reorganization of the company’s share ownership that also includes the departure of some major shareholders, namely one Quebec-based institutional investor and Denis Lefrançois, co-president and one of the main architects of Solotech from its beginnings in 1977.
For François Ménard, “the addition of these three major investors coincides with the company’s plans to expand, through organic growth and acquisitions, and its global ambitions.”
Marie-Claude Boisvert, chief operating officer for Capital régional et coopératif Desjardins (CRCD), is highly optimistic about this new partnership. “The enviable position and reputation Solotech has established in its industry are in large measure why we are participating in this transaction. With this partnership, CRCD is pursuing its main mission of offering flagships of the Québec economy leverage to accelerate their growth and create quality jobs.”
“Claridge is very proud to partner with Capital régional et coopératif Desjardins and Investissement Québec to allow Solotech to pursue its development as a leader in the entertainment industry,” says Pierre Boivin, president and CEO of Claridge. “We believe that the company has everything it needs to bolster its presence in Québec and Canada and become a global leader in its field. This is a strategic investment for Claridge, and we will do everything possible to help the management team achieve its ambitions.”
For over 35 years, Solotech has been developing technological expertise that it lends to artists, producers and events in Québec, Canada and around the world, including Céline Dion, Cirque du Soleil, André Rieu, Bruce Springsteen, Britney Spears, Michael Bublé, Leonard Cohen and soon the new Justin Timberlake tour and the Sotchi Winter Olympics.
This vast expertise has enabled Solotech to permanently outfit some of the most prestigious major venues and amphitheatres around the world.
Claridge, founded in 1987 by Charles Bronfman, is an investment firm headquartered in Montréal. Today, the firm represents the interests of the Stephen Bronfman family and manages a diverse portfolio of third-party investments, as well as direct equity participations in the food industry, real estate and entertainment sectors.
About Capital régional et coopératif Desjardins
With over 104,000 shareholders and $1,473 million in net assets, Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. The Company contributes to Québec economic development through several levers developed with its manager, with CRCD as the driving force. These levers form CRCD’s entrepreneurial ecosystem designed to value and nurture the best of Québec entrepreneurship. Directly or indirectly through its ecosystem, CRCD supports the growth of over 390 companies, cooperatives and funds in various industries spanning all Québec regions.
About Investissement Québec
Investissement Québec’s mission is to promote investment growth in Québec, thereby contributing to economic development and job creation in every region. The Corporation provides businesses with a full range of financial solutions, including loans, loan guarantees and equity investment, to support them at every stage of their development. It is also responsible for administering tax measures and foreign investment prospecting.
For further information:
Executive Vice-President and Chief Financial Officer
Tel.: 514 370-5211
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