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Clairvest Agrees to Sell CRS
Toronto, Ontario (July 19, 2017) – Clairvest Group Inc. (TSX: CVG) (“CVG”), together with Clairvest Equity Partners IV Limited Partnership (“CEP IV”, collectively “Clairvest”), announced today that the unitholders of CRS Contractors Rental Supply Limited Partnership (“CRS”) have entered into an agreement to sell CRS to Sunbelt Rentals (“Sunbelt”), the North American business of Ashtead Group plc. The transaction price is C$275 million plus a potential earn out. CRS is Sunbelt’s first acquisition in Eastern Canada. CVG’s proceeds on the sale of CRS are expected to be approximately C$31.7 million, compared to the carrying value of C$28.8 million as at March 31, 2017.
The proposed transaction is expected to close in the coming weeks after satisfaction of certain regulatory approvals. While all parties involved have a strong desire to complete the sale, there can be no guarantee that the transaction will be completed, or if it is completed, that it will close within the anticipated time period.
Catalyst Strategic Advisors, LLC is acting as the exclusive strategic and financial advisor to CRS and its Board of Directors in this transaction.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753