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February 1, 2022

Clairvest Completes Sale of Also Energy

Toronto, Ontario (February 1, 2022) – Further to a statement released on December 16, 2021, Clairvest Group Inc. (TSX: CVG) (“CVG”), together with Clairvest Equity Partners V (“CEP V”, collectively “Clairvest”), announced today the closing of the sale of Also Energy Holdings, Inc. (“AlsoEnergy”) to Stem, Inc. (NYSE: STEM) (“Stem”). AlsoEnergy is a leading provider of solar energy software, hardware, and support services to residential, commercial & industrial, and utility solar markets that Clairvest first invested in four years ago.

Under terms of the sale, Clairvest received sale proceeds of approximately US$350 million (CVG’s portion being US$108 million) at closing – 80% in cash and 20% in Stem common shares based off of December prices. As previously announced, the sale is expected to have a positive impact on Clairvest’s book value per share of approximately $5 over the carrying value as at September 30, 2021.

“This is an extraordinary result for our team, and we could not have achieved this outcome without Clairvest’s support,” commented Robert Schaefer, Co-Founder & CEO of AlsoEnergy. “We thank Clairvest for believing in our vision and business from the start. I could not have asked for a more constructive partner over these past few years,” added Mr. Schaefer.

“Backing two highly knowledgeable and committed entrepreneurs, coupled with the flawless execution of their vision by management, were huge contributors to this fantastic outcome,” said Ken Rotman, CEO of Clairvest.

William Blair served as exclusive financial advisor and Goodmans LLP acted as legal advisor to AlsoEnergy in this transaction.