Cirque du Soleil, a producer of live artistic entertainment and a portfolio company of TPG since April 2015, has agreed to acquire Blue Man Productions from Chris Wink, Phil Stanton, and the GF Capital Private Equity Fund.
Blue Man Group was created in 1991 by three long-time friends from New York City: Chris Wink, Phil Stanton and Matt Goldman. The three founders collaborated and created a ground-breaking performance centered on a bald and blue character they called Blue Man. Today, Blue Man Productions is a global entertainment company best known for the award-winning Blue Man Group show, performed in over 20 countries and seen by more than 35 million people worldwide since 1991. The Blue Man Group show is a combination of art, music, comedy and technology and appeals to a broad range of age groups and cultural backgrounds. Blue Man Productions is based in New York (www.blueman.com).
According to TPG, the acquisition of Blue Man widens Cirque du Soleil’s audience pool, adding to their portfolio six resident productions (New York, Boston, Las Vegas, Chicago, Orlando and Berlin) as well as two touring productions – one international and one in North American.
“We want to broaden our horizons, develop new forms of entertainment, reach out to new audiences and expand our own creative capabilities. Today, we are taking a decisive step towards materializing these ambitions,” said Daniel Lamarre, President and CEO of Cirque du Soleil. “We are extremely excited to welcome the iconic Blue Man Group to our portfolio of shows. Their unbridled creativity makes them a perfect cultural fit for Cirque du Soleil. Our extensive marketing research also confirms that Blue Man Group is a strong ‘love brand’ with a solid fan base – something else our two brands have in common.”
“We find ourselves on the brink of our next chapter, and we have big ideas for the future,” said Mr. Wink. “Only a global creative powerhouse like Cirque du Soleil could help us achieve our vision. Their commitment to artistic quality and originality is unparalleled and their creative resources are vast. It is an honor to join forces with their organization.”
Cirque du Soleil (“Circus of the Sun”) is a Canadian entertainment company. The company is considered to be one of the largest theatrical producers in the world and will produce 18 international shows in 2017 with annual revenues estimated at more than $800 million. The company has approximately 4,000 employees, including 1,300 performing artists from close to 50 different countries. Cirque du Soleil was founded in 1984 by two former street performers, Guy Laliberté and Gilles Ste-Croix, and is headquartered in Montreal (www.cirquedusoleil.com).
TPG was founded in 1992 and makes investments throughout North America, Europe, Asia and Australia. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare. In May 2016, TPG held a final close of its latest fund, TPG Partners VII, LP, with $10.5 billion in commitments. The firm has offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, Istanbul, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Singapore, and Tokyo (www.tpg.com).
Goldman Sachs & Co. was the financial advisor to Blue Man Group.
© 2017 Private Equity Professional | July 7, 2017
