Rumours of the sale have been swirling around the entertainment and business communities for several weeks.
PG is a global private investment firm with more than $67 billion in assets. It has offices around the world, including in Toronto.
The company has helped develop well-known consumer brands such as J.Crew, Ducati and Neiman Marcus.
Cirque du Soleil founder Guy Laliberté will maintain a stake in the business, and the company says he will continue to provide strategic and creative input.
Quebec's pension fund manager, the Caisse de dépôt et placement, is acquiring a minority interest.
Financial terms of the deal were not disclosed, though some estimates put the deal at between $1.5 and $2 billion.