Cirque du Soleil show on Oct. 2, 2024, in Seville, Spain. Photo: Francisco J. Olmo/Europa Press via Getty Images
Cirque du Soleil Entertainment Group investor Hein Park Capital Management is exploring the sale of its 15% stake in the Montreal-based entertainment company, Bloomberg reported.
Why it matters: The talks come as live shows and experiences have boomed post-pandemic.
Zoom in: Per Bloomberg, Hein Park hired advisers who have contacted prospective buyers, some of whom are interested in acquiring the entire company. A deal reportedly could give the business an equity value of $2 billion or more.
- The company, owner of the namesake acrobatics shows Blue Man Group, VStar Entertainment Group and The Works Entertainment, said the move does not mean the company is for sale, a spokesperson told Bloomberg.
- "We are very excited about our prospects for the future. We cannot comment on efforts by some minority equity holders that may be looking to monetize their positions due to individual circumstances," the spokesperson said.
- Hein Park did not immediately respond to a request for comment.
Zoom out: Cirque du Soleil has rebounded after a pandemic collapse. The company filed for bankruptcy protection in June 2020 after suspending shows and laying off 95% of staff. A group of creditors led by Catalyst Capital Group acquired it later that year.
- Last year, the company refinanced existing debt and secured a $100 million revolving credit facility.
- The company has sought to bolster revenue by expanding beyond live events and extending its intellectual property. It launched Artist Influencer Network to manage branded content deals.
