MONTRÉAL, Nov. 29, 2023 /CNW/ - CDPQ today announced it acquired a minority stake in Solotech, a global leader in audiovisual and entertainment technology. The goal of this transaction, which represents the largest investment in the company since 2013, is to support Solotech's acquisition and organic growth strategy to expand its presence in various markets and create more value for its customers.
Solotech highlights:
- Founded in Montréal in 1977, Solotech has recognized experience in event and technology solutions, as well as in selling and integrating audiovisual systems.
- The company has 2,000 employees in 20 strategic locations in North America, Europe and Asia.
- Since 2013, the company has been held by a group of Québec-based shareholders—Claridge, Investissement Québec and Desjardins Capital—that CDPQ now joins.
- 10 acquisitions completed since 2018.
- Over 12,000 projects delivered annually.
"With this investment—the largest in the last decade for Solotech—CDPQ will support the company in its next growth stage. Aligned with CDPQ's priorities, this means not only shifting activities into high gear, but also facilitating the company's global expansion and promoting its audiovisual and technological know-how," said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.
"CDPQ's commitment is a gauge of confidence in our business model, and their financial investment will allow us to seize new business opportunities as a global audiovisual and technology consolidator," noted Martin Tremblay, President and Chief Executive Officer of Solotech.
"We enthusiastically welcome a new world-class partner like CDPQ. We firmly believe that we will benefit from an expansive additional network that will enhance our perspectives on the Board of Directors, notably in terms of growing Solotech," added Pierre Boivin, President and Chief Executive Officer of Claridge and Chair of the Board of Directors of Solotech.
With a solid network of partners, Solotech offers audio, video, lighting, rigging, staging and control and collaboration systems, as well as electronic sports and webdiffusion virtual technology. The company leverages its unrivalled know-how to create unique experiences around the world. It has made a name in various markets, including music, sports, business, transportation, culture and education. It also has an e–commerce platform offering new and used audiovisual equipment.
From Las Vegas to London and Miami to Ottawa, Solotech's experienced team has been involved in corporate events, nearly 280 festivals per year and musical tours, including by Taylor Swift, P!nk, Harry Styles, Adele and The Weeknd. A major share of its annual revenues is generated by complex and large-scale audiovisual installations, including Resorts World Las Vegas, Outernet and Tottenham Hotspur Stadium in London, Disney World, Bell Centre, Caesars Palace, Hong Kong International Airport and many more.
Solotech ranks 5th among the top 50 system integrators in the world, and among global leaders in event solutions. In 2023, the company won the Parnelli Award for Video Production Company of the Year for its The Weeknd project. In 2022, it won the AV Events and Entertainment Project of the Year Award from AV Magazine for ABBA Voyage in the United Kingdom. In 2019, the company supported six of the top 10 tours in Billboard Magazine's 2019 Year-End Touring Chart.
Martin Tremblay concludes: "We're thrilled by the new possibilities for our teams that CDPQ's arrival will provide to further promote their expertise and talent. Serving clients around the world is the genesis of our expansion, and even today it's what motivates us to offer quality service and the best technology for their ambitious projects."
About Solotech
Founded 45 years ago, Solotech is a world leader in audiovisual and entertainment technology with 20 strategic locations in Canada, the United States, Europe and Asia. Solotech is the single source for audio, video, lighting, rigging, soft goods, control and collaboration solutions and services. The company is internationally recognized for its expertise in Live Productions and Systems Integration in various markets, namely music, sports, business, culture and education. Clients can also benefit from its Service Center, Online Store and virtual technology know-how. Solotech employs 2,000 professionals in its offices located in Los Angeles, Las Vegas, Nashville, Miami, Orlando, Pensacola, London, Birmingham, Manchester, Frankfort, Calgary, Toronto, Montreal, Ottawa, Quebec City, Saguenay, Halifax, Macau and Hong Kong. Learn more at www.solotech.com.
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2023, CDPQ's net assets totalled CAD 424 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
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For more information:
Mélanie Jolin
Director, Global Public Relations and Communications
+1514 649-1553
[email protected]
Kate Monfette
Director, Media Relations
+ 1 438 525-2520
[email protected]
SOURCE CDPQ
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