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Clairvest, Yaletown win CVCA’s 2017 deal of the year awardsClairvest Group and Yaletown Partners are the 2017 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) Deal of the Year awards. Toronto-based Clairvest won in the private equity category for its recent sale /canada/2017/1/clairvest-scores-big-wins-with-cieslok-exit-river-casino-recap/ of outdoor advertising business Cieslok Media Inc to Bell Media Inc. The sale provided Clairvest with cash proceeds equal to 8.4x invested capital and an IRR of 92 percent. Vancouver-based Yaletown won in the venture capital category for last year's sale /canada/2016/11/3419916/ of industrial internet platform Bit Stew Systems Inc to GE Digital. The sale gave Yaletown 7x on its initial outlay, and a total of 4.3x on combined rounds, resulting in an IRR of 98.3 percent.
Clairvest-backed Centaur Gaming explores sale: ReutersCentaur Gaming LLC, a privately owned U.S. casino and horse racing company, is exploring a sale that could value it at more than US$1 billion, including debt, sources told Reuters. Indianapolis-based Centaur is working with investment bank Deutsche Bank AG on the sale process, the sources said. Centaur is backed by Canadian private equity firm Clairvest Group, which invested in 2010. Last week, the Toronto firm made its 11th investment in the global gaming industry, putting US$73.7 million to work in Head InfoTech India Pvt Ltd.
Clairvest invests $73.7 mln in Indian online gaming platformClairvest Group has invested US$73.7 million in Head InfoTech India Pvt Ltd, a Hyderabad, India gaming business. Established in 2005 by CEO Deepak Gullapalli, Head InfoTech is the operator of Ace2Three, an online skill-based gaming platform in India that provides Rummy experiences to more than 8 million customers. Clairvest's Michael Wagman said the deal will support the company's growth strategy. Head InfoTech is the Canadian private equity firm's 11th investment in the global gaming industry. In January, PE Hub Canada reported on Clairvest realizations /canada/2017/1/clairvest-scores-big-wins-with-cieslok-exit-river-casino-recap/ from the sale of Cieslok Media Ltd and the refinancing of Rivers Casino.
PE-backed MAG Aerospace buys Discovery Air Fire ServicesMAG Aerospace, a portfolio company of Clairvest Group, has acquired Canada-based Discovery Air Fire Services Inc, a specialty aviation provider. No financial terms were disclosed.
DW Healthcare Partners ups its Canada game with Fund IV’s $295 mln closeDW Healthcare Partners has signalled an interest in doing more deals in Canada’s healthcare industry with the close of its fourth private equity fund. The Toronto and Park City, Utah, investor today announced DW Healthcare Partners Fund IV raised US$295 million in committed capital. It is the firm’s largest fund to date, exceeding by 11 percent the US$265 million secured by Fund III in 2013. Some 31 limited partners joined Fund IV, Managing Partner Andrew Carragher told PE Hub Canada.
Clairvest to take portfolio company Discovery Air privateDiscovery Air Inc (TSX: DA.A), a portfolio company of Canadian private equity firm Clairvest Group, has agreed to be taken private by the investor. The deal, which has a total cash consideration of $1.5 million, will see Discovery Air become wholly-owned by Clairvest and members of the company's senior management team. More than 90 percent of shareholders have said they will vote in favour of the privatization. Toronto-based Discovery Air, a specialty aviation services provider led by President and CEO Jacob Shavit, secured a $70 million investment from Clairvest in 2011.
- Clairvest to sell Lyophilization Services to Permira affiliate
Canadian private equity firm Clairvest Group has agreed to sell its interest in Lyophilization Services of New England Inc, a contract manufacturing organization that provides lyophilization services to the biotech, pharmaceutical and medical device industries. Clairvest, which in 2008 acquired a minority stake in Manchester, New Hampshire-based LSNE, said it expects to realize sales proceeds of about $80 million. That compares against the $48.9 million value estimated for the company in December. LSNE will be bought by an affiliate of European private equity firm Permira. The deal is expected to close before the end of June.
- Clairvest to acquire Discovery Air in take-private deal
Clairvest Group has agreed to acquire Etobicoke, Ontario-based Discovery Air Inc, a specialty aviation and logistics company, in a take-private deal. According to terms of the transaction, Clairvest will acquire shares in Discovery Air it doesn't already own at $0.20 per share. Once the deal closes, Discovery Air Inc will stop trading on the Toronto Stock Exchange.
Clairvest to sell Lyophilization Services to Permira affiliateCanadian private equity firm Clairvest Group has agreed to sell its interest in Lyophilization Services of New England Inc (LSNE), a contract manufacturing organization that provides lyophilization services to the biotech, pharmaceutical and medical device industries. Clairvest, which in 2008 acquired a minority stake in Manchester, New Hampshire-based LSNE, said it expects to realize sales proceeds of about US$80 million. That compares against the US$48.9 million value estimated for the company in December. LSNE will be bought by an affiliate of European private equity firm Permira. The deal is expected to close before the end of June.
Clairvest scores big wins with Cieslok exit, Rivers Casino recapClairvest Group is seeing a lucrative payday following its sale of a Canadian out-of-home advertising business and the refinancing of a U.S. casino. This month Clairvest sold Cieslok Media, a Toronto operator of large-format digital and static billboards. The sale was preceded by a US$600 million recapitalization of Rivers Casino, a Des Plaines, Illinois, gaming and entertainment complex backed by Clairvest. These two deals, occurring a month apart, brought realized returns of Clairvest Equity Partners IV to 5.4x of invested capital and an IRR of 49 percent.