Clairvest Completes Its Third Investment in The Equipment Rental Space with An Equity Investment In Durante Rentals
Toronto, Ontario (July 2, 2019) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”) today announced that it, together with limited partnerships controlled by it, made an investment in Durante Rentals (“Durante” or the “Company”) to support the recapitalization of the Company.
Durante is the leading independent construction equipment rental provider in the New York Metropolitan area. The Company primarily serves small to mid-sized contractors through a network of 10 branches across New York, New Jersey and Connecticut. Durante’s co-founder and CEO, Anthony Durante, is a significant shareholder alongside Clairvest. The opportunity was originated through Clairvest’s 10-year domain effort in the equipment rental space.
“We met Anthony and his team in 2014 and have been impressed by the Company’s progress since then. Under Anthony’s leadership, Durante emerged as a leader in its markets, outpacing the competition by providing superior service and steadily growing its footprint across the tri-state area. We are thrilled to partner with this outstanding team to help drive additional growth. Our partnership with Durante fits perfectly with Clairvest’s investment criteria: partnering with an accomplished and committed management team to support a proven business with strong company fundamentals, in a growing market and in our chosen industry,” said Mitch Green, Managing Director of Clairvest.
“It was important for me and my team to find the right partner for our company’s next growth stage. Clairvest impressed us with their deep understanding of our industry and partnership mentality. I am excited to have a strong capital partner who is focused on supporting me and Durante Rentals as we continue to grow,” said Anthony Durante.
Durante is Clairvest’s 53rd platform investment and the ninth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.