Clairvest related stories
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Wellington Financial’s McQueen spots opportunity in an uncertain marketMark McQueen, president and CEO of Wellington Financial, sees opportunity for private debt providers as a result of volatile public markets, especially if continued uncertainty creates challenges for technology ventures seeking risk capital. The potential for more cautious equity deal-makers may open doors to alternative capital sources, including innovation-focused lenders like Wellington.
Wellington Financial’s McQueen spots opportunity in an uncertain marketToronto-based debt provider Wellington has so far made $43 million of loan commitments this year, with much of that in the United States
Premier Aviation to acquire repair facility of Clairvest-backed Discovery AirPremier Aviation Overhaul Centre Inc has agreed to acquire Discovery Air Technical Services, a subsidiary of Discovery Air Inc (TSX: DA.A). No financial terms were released. Premier Aviation, a Trois-Rivières, Québec-based airframe maintenance, repair and overhaul company, said the acquisition will increase its capacity in the regional aircraft market and enhance its growth opportunities. The deal is expected to wrap up by the end of August. Discovery Air, a specialty aviation company, is a portfolio investment of Canadian private equity firm Clairvest Group. Last month, Clairvest agreed to increase its stake in the business /canada/2015/05/11/clairvest-to-increase-size-of-majority-stake-in-discovery-air/ to as much as 82.7 percent of issued and outstanding common shares.
Avrio Capital, Clairvest win CVCA's 2015 deal of the year awardsAvrio Capital and Clairvest Group are the 2015 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) “Deal of the Year” awards. Calgary-based Avrio won in the venture capital category for last year's sale /canada/2014/03/21/avrio-backed-wolf-trax-to-be-bought-by-compass-minerals-for-95-mln/ of Wolf Trax Inc, an agricultural technology provider, to Compass Minerals. The deal gave Avrio 15.4 times its invested capital and an internal rate of return (cash and total) of 138 percent. Toronto-based Clairvest won in the private equity category for last year's sale http://www.clairvest.com/clairvest-completes-sale-of-kubra-and-realizes-a-return-of-13-5-times-on-its-investment/ of KUBRA Data Transfer Ltd, a provider of outsourced billing solutions, to Hearst Corp. The deal gave Clairvest 13.4 times its invested capital and an internal rate of return (cash and total) of 40 percent.
Clairvest to exit stake in Casino New BrunswickClairvest Group has agreed to sell its stake in Casino New Brunswick, a Canadian casino and hotel complex, to Great Canadian Gaming Corp. If the deal closes according to "anticipated terms," Clairvest will receive about C$55 million in proceeds. The other seller in the transaction is Sonco Gaming New Brunswick Limited Partnership. In a separate statement http://www.marketwire.com/library/MwGo/2015/5/11/11G041319/GCGC_Purchase_CNB_Press_Release-303200997594.pdf Great Canadian Gaming Corp said it has agreed to buy Casino New Brunswick for about C$95 million.
Great Canadian Gaming to buy Clairvest's Casino New Brunswick for $95 mlnGreat Canadian Gaming Corp [TSX: GC] has agreed to purchase Casino New Brunswick, a casino, hotel and multi-use entertainment and convention centre located in Moncton, New Brunswick, for about $95 million. The sellers in the transaction are Canadian private equity firm Clairvest Group, which invested in the company in 2008, and Sonco Gaming New Brunswick Ltd. The deal is expected to close in the fall of 2015, subject to the approval of regulators. In a statement http://www.marketwired.com/press-release/clairvest-announces-sale-of-casino-new-brunswick-tsx-cvg-2018774.htm Clairvest said it expects to receive gross proceeds of about $55 million from the company's sale. Based in Richmond, British Columbia, Great Canadian Gaming operates gaming facilities in Canada and the United States.
Clairvest to increase size of majority stake in Discovery AirCanadian mid-market private equity firm Clairvest Group has agreed to buy additional shares in Discovery Air Inc (TSX: DA), a specialty aviation and logistics company headquartered in Etobicoke, Ontario. As a result of the proposed acquisition, Clairvest may increase its interest in the business from about 75.5 percent of issued and outstanding common shares at present to as much as 82.7 percent. Discovery Air, which operates over 160 aircraft and provides airborne training to international military groups and other customers, received a $70 million investment from Clairvest in 2011.
Clairvest invests in Winters Bros' buy of waste management assetsCanadian private equity firm Clairvest Group has made a US$25.6 million investment in Winters Bros Waste Systems of Long Island Holdings LLC. The investment support's the company's recently announced acquisition http://www.prnewswire.com/news-releases/winters-bros-acquires-long-island-assets-of-progressive-waste-solutions-300044821.html of waste management assets of Progressive Waste Solutions Ltd. Winters Bros of Long Island provides collection services and operates a network of transfer and recycling facilities across Long Island, New York. Clairvest's investment represents its third partnership with Joe and Sean Winters who, together with their family, are the company's principal shareholders. Last July, Clairvest raised $600 million for its fifth fund /canada/2014/07/28/clairvest-raises-largest-fund-to-date-closing-cep-v-at-600-mln/ Clairvest Equity Partners V LP.
Clairvest Group founder Joseph Rotman passes awayJoseph L. Rotman, founder of Canadian private equity firm Clairvest Group and a member of its board of directors, has passed away. Rotman founded the Toronto-based based firm in 1987. Update: According to the https://www.rotman.utoronto.ca/ Rotman School of Management, which was named after him, Rotman was appointed as an Officer of the Order of Canada in 1995. He was also inducted into the Canadian Business Hall of Fame as a Companion in 2009.
- Brice beefs up investment stake in Clairvest
Brice Holdings Inc has increased its investment stake in Canadian mid-market private equity firm Clairvest Group. According to the terms of the transaction, Brice bought 39,200 common shares in Clairvest at a price of $25 per share. The firm currently owns 61,700 common shares in Clairvest. Update: Brice is controlled by Kenneth Rotman, co-CEO and managing director of Clairvest.