Finding the perfect mix of investments can be a challenging task at times. Diversifying investments, picking a mix of growth and income stocks, and staying on top of developments takes a lot of time, leading many investors to search for mythical “forever stocks”–investments you make and then hold … forever.

One such stock is Cineplex Inc. (TSX:CGX), which is one of my favourite stock picks for any portfolio. Here are a few reasons why Cineplex may work for your portfolio.

Cineplex is well diversified

Most people know Cineplex as the movie theatre company; it’s where we go to watch the latest Hollywood blockbuster. What you may not realize is that Cineplex is well diversified into other businesses that are less than obvious.

Cineplex has a digital media segment, which is behind those large digital screen menus that are appearing in food outlets around the country. This additional source of revenue is unrelated to the core movie business and also set to grow as screen menus continue to replace traditional static menus.

As an example of how this new segment is taking off, in the most recent quarter Cineplex’s digital media segment grew by an impressive 43.8% over the prior year, posting $13.94 million in revenue for the quarter.

Cineplex is branching out from the traditional movie business

The traditional movie and popcorn business model is a remnant of decades long past with arguably a reduced standing in 2016. Cineplex has realized this and has branched out into innovative areas that use existing theatre property as well as the movies themselves.

The new VIP experience, for example, is an opportunity for movie-goers to be seated in larger, premium recliners and be treated to food and beverage service from a chef-inspired menu. The result? Customers are staying longer and ordering more.

Another example is Cineplex’s Rec Room concept, which is also geared to getting customers to stay longer and spend more. The Rec Room is a multi-purpose room that can be reconfigured to suit almost any type of event.

Cineplex has also worked on catering to the non-movie lover. Thanks to Cineplex’s purchase of a majority stake in World Gaming last year, the company can now host events geared to the gamer community. This is both a unique and lucrative venture for Cineplex as the online gaming industry is a multi-billion dollar market that is still very much starting out in Canada.

Cineplex is a growth and dividend stock

There are relatively few companies on the market that can attest to being great investments for both growth and dividends. Cineplex happens to be one of those companies.

The company pays out a monthly dividend of $0.135 per share, which–given the current stock price of just over $51–results in the company having a respectable yield of 3.15%. Cineplex has also steadily increased the dividend over the past few years and is likely to continue to do so as the company continues to perform admirably.

Cineplex has had some incredible growth over the past few years. The stock has shot up over 100% in the past five years. In a more recent time frame, the stock is up 11% in the past 12-month period, and year-to-date the stock is up by over 8%. With this type of performance, Cineplex truly is one of those buy-and-forget stocks that could help a portfolio grow to new heights over time.

Cineplex has impressively put new life into an old business model. In doing so, it has not only remained relevant to a new generation of customers, but it has also branched out into new areas of revenue streams. In my opinion, Cineplex is one of the best investment options on the market.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.