CLAIRVEST REALIZES CLOSE TO FOUR TIMES ITS CAPITAL ON ITS 15 MONTH INVESTMENT IN WINTERS BROS.
September 4, 2007 – Clairvest today announced the sale of Winters Bros. Waste Systems Inc. to IESI Corporation, a subsidiary of BFI Canada Income Fund.
Winters Bros. is the leading integrated non-hazardous solid waste services provider based on Long Island, New York. The firm operates eight transfer stations and extensive collection operations.
In June 2006, Clairvest invested US$15.7 million for a 36% share of Winters Bros. Under terms of the deal, IESI will pay a total of US$263 million for Winters Bros. Gross sale proceeds at closing received by Clairvest and its related partnership amount to US$51.7 million which equates to 3.3 times invested capital over the 15-month duration of the investment.
Contingent consideration of up to an additional US $14.2 million, which is included in the purchase price, could be received by Clairvest subject to the performance of certain covenants and there being no claims against the representations and warranties.