Financière Outremont, owned by Pierre Karl Péladeau, has become a minority shareholder of Moment Factory, it has been learned THE DutyThis Quebec flagship of multi-sensory experience is opening its capital for the first time in order to finance a new division in the company.
Sakchin Bessette and Dominic Audet refined their plan for almost two years before making their final decision. After 23 years of lighting up museums, churches, airports, theme parks and other public spaces, Moment Factory had to open up its capital in order to initiate a new phase of “diversification,” explains Sakchin Bessette.
“Over the years, we have developed business units that specialize in these elements: a concert team, an events team, etc. Then we also diversified geographically. So, we opened offices in different countries, in different cities, to have a better pulse, a local presence and proximity to our clients and our projects. Afterwards, we diversified by opening Moment Factory projects like Lumina, Aura. […] Then, we diversified our business models. We have royalties, licenses for software, services. Now, what we want to do is to be able to invest in our projects.
From “hybrid” concerts to artificial intelligence and virtual reality headsets to test installations, the Montreal walls of Moment Factory contain a wealth of futuristic technologies. These innovations designed in Quebec will resonate around the world while remaining Montreal property thanks to this new division called “distribution.” Rather than selling its concepts, Moment Factory plans to partner with local partners to operate the installations itself, summarizes Sakchin Bessette. “We don’t wait for someone to come and buy the project from us and then operate it, manage it, sell the tickets. We will invest in a project ourselves with a partner. It’s really a division that is there to scale “.
This change in scale could not be achieved with the company’s annual profits alone, he said. It will become possible thanks to Financière Outremont.
From neighbors to partners
The team traveled the world to find the ideal financial partner for their extraordinary company. In the end, it was a family office located a few blocks from their Mile-End offices that won the bid. Financière Outremont met all the desired conditions, says Dominic Audet. “We hoped it would stay in Quebec, but we remained very open to being able to compare investor categories all over the world, because sometimes there are strategic investors who can open up new markets for us. We looked at all the possibilities, hoping that it would end up in Quebec. And then finally, the match was perfect.”
In a written statement, Pierre Karl Péladeau expressed his delight at being able to contribute to the international expansion of Moment Factory, “a pillar of the cultural and creative industries,” according to him. “With its innovative creations, it makes Quebec shine throughout the world. I was seduced by the vision of the management team, their entrepreneurial spirit, the wealth of their talents.”
The latter will, however, have no control over the management of the company and its role will be limited to that of financial support. It is Financière Outremont and not Québecor that becomes the minority shareholder of Moment Factory.
Projects from the distribution division have already started to appear on the Moment Factory set, which currently has 80 productions rolling around the world at the same time.
“There have already been some launched since the beginning of the year. And there are about ten that will be released by the end of the year,” says Dominic Audet. The new formula has started in the United States, while Italy, Australia, Japan and the United Kingdom will soon benefit from their first Lumina night courses, for example.
While Moment Factory is now banking on a new partner to give new impetus to its international growth, its Montreal studios remain more than ever at the heart of its expansion strategy. In their eyes, the Quebec metropolis remains the “base of talent, creativity and innovation” that the experience manufacturer exports.
The success of other flagships such as “Cirque du Soleil, Solotech, video games, cinema” encourages local creators, adds Sakchin Bessette. “Successes like that make things possible. When you see that things like that are possible, you tell yourself that it’s not impossible to dream.”