{"id":380509,"date":"2020-11-12T18:04:10","date_gmt":"2020-11-12T23:04:10","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380509"},"modified":"2020-11-12T18:04:10","modified_gmt":"2020-11-12T23:04:10","slug":"clairvest-reports-fiscal-2021-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/","title":{"rendered":"Clairvest Reports Fiscal 2021 Second Quarter Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">TORONTO, Nov.  12, 2020  (GLOBE NEWSWIRE) &#8212; Clairvest Group Inc. (TSX: CVG) today reported results for the fiscal 2021 second quarter and six months ended September 30, 2020 as well as material events which occurred subsequent to quarter end. <em>(All figures are in Canadian dollars unless otherwise stated)<\/em><\/p>\n<p align=\"justify\">\n        <strong>Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">September 30, 2020 book value was $868.5 million or $57.67 per share versus $893.0 million or $59.27 per share as at June 30, 2020<\/li>\n<li style=\"text-align:justify\">Net loss for the quarter ended September 30, 2020 was $24.2 million or $1.61 per share. For the six months ended September 30, 2020, net income was $40.1 million or $2.66 per share<\/li>\n<li style=\"text-align:justify\">Digital Media Solutions (\u201cDMS\u201d), an investee company of Clairvest and Clairvest Equity Partners V (\u201cCEP V\u201d), completed its transaction with Leo Holdings Corp., becoming a publicly traded company on the NYSE<\/li>\n<li style=\"text-align:justify\">NovaSource Power Services (\u201cNovaSource\u201d), an investee company of Clairvest and Clairvest Equity Partners VI (\u201cCEP VI\u201d), signed definitive documents with First Solar, Inc. (\u201cFSLR\u201d) to acquire its North American operations and maintenance business<\/li>\n<li style=\"text-align:justify\">Subsequent to quarter end, Clairvest announced the addition of Anne-Mette de Place Filippini to its board of directors<\/li>\n<li style=\"text-align:justify\">Subsequent to quarter end, Clairvest announced a $5 special dividend payable on November 23, 2020 to shareholders of record as at November 9, 2020<\/li>\n<li style=\"text-align:justify\">Subsequent to quarter end, Clairvest and CEP VI made a new equity investment in F12.NET, one of Canada\u2019s leading managed IT services providers<\/li>\n<\/ul>\n<p align=\"justify\">Clairvest\u2019s book value was $868.5 million or $57.67 per share as at September 30, 2020, compared with $893.0 million or $59.27 per share as at June 30, 2020. The decrease in book value per share for the quarter was primarily attributable to net loss for the quarter of $24.2 million, or $1.61 per share, which resulted from net valuation changes in our private equity investment portfolio.<\/p>\n<p align=\"justify\">In July 2020, DMS completed its transaction with Leo Holdings Corp., becoming publicly traded on the NYSE under the symbol DMS. As part of the transaction, Clairvest and CEP V received cash proceeds of US$8.2 million and US$18.9 million respectively and 6,091,377 and 14,213,214 Class A common stock of DMS respectively, which in aggregate represents 34.6% of total outstanding shares of DMS. Clairvest and CEP V also received 276,653 and 648,524 publicly traded warrants (NYSE: DMS WS) respectively, which are convertible into Class A common shares at an exercise price of USD$11.50 per warrant.<\/p>\n<p align=\"justify\">In August 2020, NovaSource signed definitive agreements with FSLR to acquire their North American operations and maintenance business. The transaction will be funded through a combination of third-party term debt and equity from Clairvest and CEP VI. The acquisition, which is on track to close during fiscal 2021, is subject to customary closing conditions, some of which already have been received. This transaction positions NovaSource as the leader in the growing solar O&amp;M industry in terms of quality, capability, geographic reach and scale.\u00a0\u00a0<\/p>\n<p align=\"justify\">In October 2020, Clairvest announced a one-time special dividend of $5.00 per common share, or $75.3 million in aggregate. The dividend is an eligible dividend for Canadian income tax purposes. The dividend will be paid to common shareholders of record as at November 9, 2020 on November 23, 2020. As at September 30, 2020, cash and treasury investments, including those held at wholly-owned acquisition entities, was $475 million, or $31.58 per share.<\/p>\n<p align=\"justify\">In November 2020, Clairvest and CEP VI made a $36 million equity investment in F12.NET, a leader in the Canadian managed IT services space. F12.NET provides comprehensive technology packages to small and medium enterprises across the country. Clairvest\u2019s portion of the investment was $9.7 million.<\/p>\n<p align=\"justify\">\u201cSince June 2018, we have generated over $400 million in cash proceeds from investment divestures, resulting in our cash balances becoming a significant portion of our book value. We looked closer at our capital needs and made a decision to return a portion of these wins to our shareholders in the form of a $5 per common share special dividend,\u201d said Ken Rotman, CEO of Clairvest. \u201cWe continue to be well capitalized to amply fund our CEP fund commitments and to help our portfolio companies navigate through this pandemic. We look forward to continuing the deployment of capital to our latest investment program in CEP VI. Since launching the CEP VI investment program nine months ago, we have made four investments and are encouraged by the various opportunities that we are seeing in our investment pipeline. While the pandemic has negatively impacted some of our investments, others are succeeding despite this difficult environment due to the efforts and creativity of the management team at Clairvest combined with the leadership at our portfolio companies, for which we are grateful.\u201d<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"5\" style=\"vertical-align: middle\">\n            <strong>Summary of Financial Results \u2013 Unaudited<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:60%;width:60%;min-width:60%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Financial Results<\/strong><\/p>\n<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">Quarter ended<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">Six months ended<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">September 30<\/td>\n<td colspan=\"2\" style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">September 30<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">($000\u2019s, except per share amounts)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:63%;min-width:63%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Net investment gain (loss)<\/td>\n<td style=\"max-width:9%;min-width:9%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(24,615<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">14,166<\/td>\n<td style=\"max-width:9%;min-width:9%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>50,075<\/strong>\n          <\/td>\n<td style=\"max-width:9%;min-width:9%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,650<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Net carried interest from Clairvest Equity Partners III and IV<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>121<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1,695<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7,764<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">3,939<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Distributions, interest income, dividends and fees<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8,015<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">12,422<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>19,157<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">18,975<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Total expenses, excluding income taxes<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>11,503<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,509<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>17,790<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33,697<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Net income (loss) and comprehensive income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(24,234<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">15,511<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>40,118<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">21,389<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">Basic and fully diluted net income (loss) per share<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1.61<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.03<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2.66<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">1.42<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td rowspan=\"2\" style=\"max-width:80%;width:80%;min-width:80%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Financial Position<\/strong><\/p>\n<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>September 30<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">March 31,<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">2020<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">($000\u2019s, except share information and per share amounts)<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">$<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Total assets<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>962,358<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">944,878<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Total cash, cash equivalents and temporary investments<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>415,026<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">428,856<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Carried interest from Clairvest Equity Partners III and IV<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>35,944<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">44,409<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Corporate investments<sup>(1)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>455,357<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">400,291<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Total liabilities<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>93,813<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">107,463<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Management participation from Clairvest Equity Partners III and IV<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>27,191<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">34,115<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Book value<sup>(2)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>868,545<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">837,415<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Common shares outstanding<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>15,061,801<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">15,075,301<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: middle\">Book value per share<sup>(2)<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>57.67<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">55.55<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <sup>(1) <\/sup>Includes carried interest of $44,351 (March 31: $14,453) and management participation of $30,875 (March 31: $10,893) from Clairvest Equity Partners V and VI.<br \/><sup>(2)<\/sup> Book value is a Non-IFRS measure calculated as the value of total assets less the value of total liabilities. The term book value does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Clairvest\u2019s consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated book value consistently for many years and believes that book value can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.<\/p>\n<p align=\"justify\">Clairvest\u2019s second quarter fiscal 2021 financial statements and MD&amp;A are available on the SEDAR website at <a href=\"http:\/\/www.sedar.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sedar.com<\/a> and the Clairvest website at <a href=\"http:\/\/www.clairvest.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.clairvest.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About Clairvest <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>Clairvest Group Inc. is a private equity investor <\/em><br \/>\n        <em>which<\/em><br \/>\n        <em> invests its <\/em><br \/>\n        <em>own<\/em><br \/>\n        <em> capital, and that of third parties through the Clairvest Equity Partners (\u201cCEP\u201d) limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners.\u00a0 Clairvest realizes value through investment returns and the eventual disposition of its investments<\/em>.<\/p>\n<p>\n        <strong>Contact Information<\/strong>\n      <\/p>\n<p align=\"justify\">Maria Shkolnik<br \/>Director, Investor Relations and Marketing<br \/>Clairvest Group Inc.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Tel: (416) 925-9270<br \/>Fax: (416) 925-5753<br \/>marias@clairvest.com<\/p>\n<p align=\"justify\">\n        <strong>Forward-looking Statements <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>This news release contains forward-looking statements <\/em><br \/>\n        <em>with respect to<\/em><br \/>\n        <em> Clairvest Group Inc., its subsidiaries, <\/em><br \/>\n        <em>its<\/em><br \/>\n        <em> CEP limited partnerships and their investments. <\/em><br \/>\n        <em>These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.<\/em><br \/>\n        <em> Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise. <\/em>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <u><br \/>\n            <a href=\"http:\/\/www.clairvest.com\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.clairvest.com<\/a><br \/>\n          <\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTQyMSMzODI1NDAwIzIwODkwMDU=\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) &#8212; Clairvest Group Inc. (TSX: CVG) today reported results for the fiscal 2021 second quarter and six months ended September 30, 2020 as well as material events which occurred subsequent to quarter end. (All figures are in Canadian dollars unless otherwise stated) Highlights September 30, 2020 book value was $868.5 million or $57.67 per share versus $893.0 million or $59.27 per share as at June 30, 2020 Net loss for the quarter ended September 30, 2020 was $24.2 million or $1.61 per share. For the six months ended September 30, 2020, net income was $40.1 million or $2.66 per share Digital Media Solutions (\u201cDMS\u201d), an investee company of Clairvest and Clairvest Equity Partners V &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Clairvest Reports Fiscal 2021 Second Quarter Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380509","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Clairvest Reports Fiscal 2021 Second Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clairvest Reports Fiscal 2021 Second Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) &#8212; Clairvest Group Inc. (TSX: CVG) today reported results for the fiscal 2021 second quarter and six months ended September 30, 2020 as well as material events which occurred subsequent to quarter end. (All figures are in Canadian dollars unless otherwise stated) Highlights September 30, 2020 book value was $868.5 million or $57.67 per share versus $893.0 million or $59.27 per share as at June 30, 2020 Net loss for the quarter ended September 30, 2020 was $24.2 million or $1.61 per share. For the six months ended September 30, 2020, net income was $40.1 million or $2.66 per share Digital Media Solutions (\u201cDMS\u201d), an investee company of Clairvest and Clairvest Equity Partners V &hellip; Continue reading &quot;Clairvest Reports Fiscal 2021 Second Quarter Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-12T23:04:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTQyMSMzODI1NDAwIzIwODkwMDU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/clairvest-reports-fiscal-2021-second-quarter-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/clairvest-reports-fiscal-2021-second-quarter-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Clairvest Reports Fiscal 2021 Second Quarter Results\",\"datePublished\":\"2020-11-12T23:04:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/clairvest-reports-fiscal-2021-second-quarter-results\\\/\"},\"wordCount\":1202,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/clairvest-reports-fiscal-2021-second-quarter-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA4NTQyMSMzODI1NDAwIzIwODkwMDU=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/clairvest-reports-fiscal-2021-second-quarter-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/clairvest-reports-fiscal-2021-second-quarter-results\\\/\",\"name\":\"Clairvest Reports Fiscal 2021 Second Quarter Results - 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(TSX: CVG) today reported results for the fiscal 2021 second quarter and six months ended September 30, 2020 as well as material events which occurred subsequent to quarter end. (All figures are in Canadian dollars unless otherwise stated) Highlights September 30, 2020 book value was $868.5 million or $57.67 per share versus $893.0 million or $59.27 per share as at June 30, 2020 Net loss for the quarter ended September 30, 2020 was $24.2 million or $1.61 per share. For the six months ended September 30, 2020, net income was $40.1 million or $2.66 per share Digital Media Solutions (\u201cDMS\u201d), an investee company of Clairvest and Clairvest Equity Partners V &hellip; Continue reading \"Clairvest Reports Fiscal 2021 Second Quarter Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-12T23:04:10+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTQyMSMzODI1NDAwIzIwODkwMDU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Clairvest Reports Fiscal 2021 Second Quarter Results","datePublished":"2020-11-12T23:04:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/"},"wordCount":1202,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NTQyMSMzODI1NDAwIzIwODkwMDU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/clairvest-reports-fiscal-2021-second-quarter-results\/","name":"Clairvest Reports Fiscal 2021 Second Quarter Results - 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