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Clairvest Announces US$15 Million Investment in County Waste of Virginia LLC
Toronto, Ontario (April 17, 2013) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”), Clairvest Equity Partners IV Limited Partnership and Clairvest Equity Partners IV-A Limited Partnership (collectively, “CEP IV”) today announced a combined US$15 million investment in County Waste of Virginia LLC (“County Waste” or, the “Company”). County Waste is a private regional solid waste management company based in West Point, Virginia. The Company provides residential, commercial, and industrial waste collection, processing and transfer services in central and parts of south eastern Virginia. Clairvest’s portion of the investment is US$4 million.
Scott Earl, CEO of County Waste, is Clairvest’s former partner at Hudson Valley Waste Holding, Inc.; a successful investment Clairvest exited in 2011 that generated a 2.0x multiple of capital and an IRR of 88%. County Waste is Clairvest’s third investment in the solid waste management industry, a core domain for Clairvest since 2005.
“We look forward to our partnership with Scott who is an experienced and successful entrepreneur. Scott is a best-in-class operator and proven business builder who sees significant opportunities for County Waste. Our equity investment will support County Waste in pursuing growth opportunities and building a regionally dominant solid waste company,” said Michael Castellarin, Managing Director of Clairvest.
County Waste is Clairvest’s 40th platform investment and the eighth investment by CEP IV. The Clairvest/CEP IV co-investment pool is capitalized at $467 million and focuses on equity investments in growth companies.
Clairvest Group Inc. is a private equity management firm which invests its own capital, and that of third parties through the Clairvest Equity Partners 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. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Director, Investor Relations and Marketing
Clairvest Group Inc.
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