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March 1, 2023

Clairvest Invests in Second Medical Practice Management Platform Through Partnership with Bluetree Dental

Toronto, Ontario (March 1, 2023) – Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it, together with Clairvest Equity Partners VI (“CEP VI”, collectively “Clairvest”) has made a US$32 million equity investment in Bluetree Dental (“Bluetree” or the “Company”) with CVG’s portion of the investment equaling US$9 million.

Bluetree Dental is a multi-specialty, pediatric and orthodontics-focused dental service organization with 45+ offices centered in the Mountain West region of the United States. Bluetree was founded in 2012 by Steve DeLong, Brent Corbridge and Lance Bruntz, all of whom have rolled significant equity alongside Clairvest in the transaction. Management together will maintain control post-closing. The rationale for the investment is to provide the Bluetree team with the capital, expertise and experience to accelerate the growth of Bluetree.

This represents Clairvest’s second partnership in the dental industry after conducting over five years of domain research and relationship building in this space.

“We have known the Bluetree management team for over three years and we are excited to partner with these owner-operators who share an aligned vision. The Company has shown impressive growth over the past few years and the team has a strong track record of building a scalable platform,” said Robbie Isenberg, Managing Director of Clairvest.

“We look forward to partnering with Clairvest and embarking on this journey together to build a leading dental service organization. Beyond capital, Clairvest brings a wealth of relationships and experience in the dental industry that will assist Bluetree in this next chapter of growth,” said Steve DeLong, Co-CEO and Co-Founder of Bluetree Dental.

The Bluetree Dental investment is Clairvest’s 61st platform investment and 10th investment in the Clairvest / CEP VI co-investment pool which is capitalized at US$850 million.