Stingray Digital Group salutes Novacap’s winning "Deal of the Year" Award for a third time from the Canadian Venture Capital & Private Equity Association (CVCA)
May 25, 2016
The “hat trick” makes Novacap the first ever Canadian Private Equity firm to win the award three times
Montreal, May 25, 2016 – Stingray Digital Group Inc. (TSX: RAY.A; RAY.B), a leading provider of cutting-edge applications delivering high quality music and video content on multiple platforms congratulates its long-time partner, Novacap, on its “Deal of the Year” award for the Stingray IPO in June 2015.
The CVCA’s Deal of the Year Awards promote, highlight and celebrate outstanding investment successes with the most significant investment return realized during calendar 2015.
Novacap initially invested $9.9M into Stingray Digital and successfully IPO’d the business on June 3, 2015, divesting 80% of its interest as part of the transaction.
KEY POINTS ON THE TRANSACTION:
- Cash proceeds realized $66.4M;
- Cash proceeds realized including value of retained interest $78.9M
- Multiple of invested capital realized 6.7X;
- Multiple of invested capital realized including retained interest 7.9X
- Internal rate of return realized 31.4%;
- Internal rate of return realized including retained interest 33.8%
"We are incredibly proud of the recognition bestowed upon Novacap and its team under Pascal Tremblay’s leadership. Since Stingray was founded, Novacap was instrumental in our development and successful growth, right up to our IPO last year,” said Eric Boyko, President, Cofounder, and CEO of Stingray Digital.
"Novacap proves, year after year, its capacity to generate exceptional returns for its partners and investors. Our approach offers continuous support to entrepreneurs and to their teams; this has enabled us to deliver outstanding results in recent years. We are confident that, with our world-class diversified portfolio of companies, these returns will continue for years to come," added Pascal Tremblay, President and Managing Partner of Novacap and Head of the TMT Group.
With assets under management of over $1.6 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value of more than 76 companies across North America. NOVACAP's culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources, NOVACAP is well positioned to continue building world-class companies and ensure their sustainability. For more information, please visit www.novacap.ca.
Stingray (TSX: RAY.A; RAY.B) is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 400 million Pay-TV subscribers (or households) in 152 countries. Geared towards individuals and businesses alike, Stingray’s products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray Brava, Stingray Djazz, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance, Stingray Karaoke, and iConcerts. Stingray also offers various business solutions, including music and digital display-based solutions, through its Stingray Business division. Stingray is headquartered in Montreal and currently has close to 300 employees worldwide, including in the United States, the United Kingdom, the Netherlands, Switzerland, France, Israel, Australia and South Korea. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte’s Technology Fast 50TM list, and figures amongst PROFIT magazine’s fastest-growing Canadian companies. In 2016, Stingray was awarded best IR for an IPO at the IR Magazine Awards – Canada. For more information, please visit www.stingray.com.
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For more information or an interview:
Stingray Digital Group Inc.
Senior Vice-President, Marketing and Communications
(514) 664-1244, ext. 2362
Cohn & Wolfe