CLAIRVEST ANNOUNCES AGREEMENT TO SELL SHEPELL•FGI FOR A POTENTIAL SIX TIMES RETURN
Toronto, Ontario (May 12, 2008) – Clairvest Group Inc. (TSX: CVG) today announced that investee company Shepell•fgi has entered into an agreement to sell substantially all of its assets to Morneau Sobeco Income Fund (“Morneau Sobeco”, TSX: MSI.UN). Total consideration for the assets is approximately $321.9 million to be paid over two years. Up to $42 million of the consideration may be received in the form of units of Morneau Sobeco at the option of Morneau Sobeco. The transaction is subject to regulatory approval and other customary conditions and is expected to close on or about June 2, 2008.
The terms of the proposed acquisition would provide Clairvest and Clairvest Equity Partners Limited Partnership (“CEP”), a partnership managed by Clairvest, with a return of up to six times their combined $26.2 million investment.