Caisse de dépôt increases ownership interest in Stingray
Caisse de dépôt et placement du Québec (CDQP) has invested an additional $14.3 million in Stingray Digital Group Inc., a Canadian multi-platform music and in-store media solutions provider. The transaction is part of a repurchase of a portion of the shares held by Telesystem Ltd.
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.
“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.