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Clairvest Completes Sale of LSNE
Toronto, Ontario (April 28, 2017) – Further to a statement released on March 27, 2017, Clairvest Group Inc. (TSX: CVG) (“CVG”), together with Clairvest Equity Partners III Limited Partnership (“CEP III”, collectively “Clairvest”), announced today it finalized the sale of Lyophilization Services of New England, Inc. (“LSNE”) to a company backed by the Permira funds.
LSNE is a contract manufacturing organization, providing outsourced lyophilization services to the pharmaceutical industry. Clairvest made its initial investment in LSNE in 2008 backing the company’s CEO, Matt Halvorsen to expand LSNE’s business into long-term contracted sterile commercial production. LSNE has successfully made the transition and now operates three sterile and non-sterile FDA approved facilities with materially expanded manufacturing capacity. Over the nine-year partnership with Matt Halvorsen at LSNE, Clairvest invested nearly $30 million USD and realized total proceeds of approximately $87 million USD. Following the sale Matt Halvorsen will remain a shareholder, investing equity alongside Permira.
“Matt and his team’s commitment to, and relentless pursuit of our shared vision is the key reason for our success. Matt is the type of partner we seek, one who is focused on enterprise success together with all his partners and staff, operating with high integrity, collaborative engagement, an expert operator and has a never ending positive outlook. LSNE has a great runway ahead and we wish the Permira team and Matt great success as they continue to build on LSNE’s success”, said Jeff Parr, Co- CEO and Managing Director of Clairvest.
“I could not have selected a better partner to assist in LSNE’s development,” commented Matt Halvorsen, CEO of LSNE. “Despite some challenges along the way, Clairvest’s team were true partners to me and remained supportive of and contributed to our growth plan. I am very proud of our joint accomplishments and equally excited by the opportunity ahead.”
Wells Fargo Securities served as exclusive financial advisor to LSNE.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753