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July 6, 2023

Clairvest Completes Growth Equity Investment into Mountain Land Physical Therapy, Its Third Medical Practice Management Partnership

Toronto, Ontario (July 6, 2023) – Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it, together with Clairvest Equity Partners VI (“CEP VI”, collectively “Clairvest”), has made a minority equity investment in Mountain Land Physical Therapy (“Mountain Land”).

Mountain Land is an outpatient physical therapy business with 41 clinics located in the Mountain West region of the United States. Mountain Land was founded in 1984 and is led by Chief Executive Officer Rick Lybbert and Chief Operating Officer Jason Lobb, both of whom are physical therapists and have been with the business for 30+ and 20+ years, respectively. Rick, Jason and other owners will be rolling substantially all of their equity alongside Clairvest and will retain a majority ownership position. Mountain Land has a long-standing history and strong reputation within its current geographic footprint.

This represents Clairvest’s third partnership in the medical practice management domain.

“We are thrilled to be backing a fully invested and experienced management team in this minority partnership deal. Mountain Land has a proven operating model, top-tier clinical compliance and a stellar reputation in the marketplace,” said Angus Cole, Managing Director of Clairvest.

“Our vision is to continue expanding throughout the Mountain West region to positively change as many lives as possible. We will continue to create value by providing excellent patient care, growth opportunities to our employees, and a values-driven culture that establishes trust. We are excited to have Clairvest join the Mountain Land Team; they bring valuable experience and expertise that will ensure our vision becomes a reality,” said Rick Lybbert, CEO of Mountain Land.

The Mountain Land Physical Therapy investment is Clairvest’s 63rd platform investment and 12th investment in the Clairvest / CEP VI co-investment pool which is capitalized at US$850 million.