Cirque du Soleil Entertainment Group announces today the acquisition of The Works Entertainment, the world-class creative and production company known for The Illusionists franchise and other variety shows. The addition of their well-known brands to Cirque du Soleil Entertainment Group’s portfolio allows the global leader in live entertainment to continue its diversification of content offering and consolidate its presence in soft-seat theatres.
This transaction represents the third acquisition for Cirque du Soleil Entertainment Group in recent years, after acquiring Blue Man Group in 2017 and VStar Entertainment Group in 2018. This acquisition confirms the company’s leading position in the industry and testifies of its expansion from a company solely centred on circus arts to a live entertainment creator, producer and promoter.
“The play for us is magic,” said Daniel Lamarre, the president and chief executive of Cirque du Soleil. He said Cirque became interested in The Works because of the similarity in the performance and business models of the two companies. “Like us, they have no stars,” Mr. Lamarre said. “The show is the star, and they’re constantly using different magicians. The fact that they’re not focused on stars gives you scalability.”
“This transaction is a perfect example of how our group is diversifying through acquisitions, while always investing in our core activities,” said Daniel Lamarre, president and CEO of Cirque du Soleil Entertainment Group. “The Works productions have natural affinities with our own, in that they are high-quality universal live experiences that appeal to different audiences from different cultures around the world without having to adapt the show to each market. Magic, a genre of live entertainment that The Works has successfully mastered through their hugely successful Illusionists franchise, has been performed for centuries and continues to enjoy a steadfast popularity among audiences worldwide. I’m honoured to have their creative minds and theatrical expertise join our ranks.”
Established by Creative Producer Simon Painter and Executive Producer Tim Lawson, The Works Entertainment creates, produces and presents first-class entertainment since 2012. The Works Entertainment has a proven track record in mid-size theatrical productions with live magic shows like The Illusionists, and content developed from the big screen like Now You See Me Live. The Works’ portfolio also includes circus arts shows like Circus 1903 – The Golden Age of Circus, cabaret-style shows and musical theatre productions.
“As we were reflecting on our company’s future, we were looking for the next big step to fulfill our wildest dreams,” said Simon Painter, creative producer and co-founder of The Works Entertainment. “Joining the team of the company that completely revolutionized circus arts and is now leading the live entertainment industry is a true honor for us. This is certainly one of the most exciting days of my life. Cirque du Soleil’s global touring expertise as well as large-scale production insights will undeniably fuel our desired future growth in addition to giving us access to new creative resources that we could ever wish for. When the first journalist interviewed me about the Illusionists back in 2011, I said, ‘I want to do for magic what Cirque du Soleil has done for circus,’ and now here we are.”
Cirque du Soleil Entertainment Group purchased The Works Entertainment from owners Simon Painter, Tim Lawson and Kilburn Live. This acquisition was financed using a portion of a new US$120 million unsecured credit facility made available by the Fonds de Solidarité FTQ and the Caisse de dépôt et placement du Québec. The terms of the deal with The Works weren’t publicly released, but Mr. Lamarre said the price was “around $40 million.”
About The Works Entertainment
Established by Simon Painter and Tim Lawson, The Works Entertainment is a world-class leader in theatrical productions and large-scale attractions. TWE’s productions have consistently smashed box office records, been seen worldwide and have included performances in prestigious venues such as the Sydney Opera House in Australia, the Shaftesbury Theatre in London and the Palace Theatre on Broadway, New York. With a global network of affiliates and an office in the heart of Los Angeles, The Works Entertainment is perfectly situated to offer exceptional quality, ground breaking creativity and first-class execution.
{ SOURCE: PR Newswire }
