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July 1, 2022

Clairvest Invests in Star Waste of Boston

Toronto, Ontario (July 1, 2022) – Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it, together with Clairvest Equity Partners VI (“CEP VI”, collectively “Clairvest”) made an equity investment in Star Waste Systems, LLC (dba Boston Carting Services) (“Star Waste”, or the “Company”) for a majority interest in the Company.

Formed in 2018, Star Waste is a leading independent solid waste management company servicing the Greater Boston Area with a focus on providing residential, commercial and roll-off container waste collection. The Company also operates a construction and demolition material recovery facility (“MRF”) located in North Andover, MA and is well positioned to grow in the market.

“We are excited for this opportunity to back the Founder and CEO, Patsy Sperduto, who has over 25 years of experience in the solid waste management industry. Having known Patsy and watched his success over the past 10 years, we are excited to now work together to build a regional leader. We are impressed by Patsy’s clear vision to grow and build on Star Waste’s position in the New England market,” said Michael Castellarin, Managing Director at Clairvest.

“Clairvest’s partnership-oriented investment style and expertise in supporting the growth of regional solid waste companies stood out to me when deciding on the ideal equity partner for Star Waste’s next phase. Beyond capital, Clairvest brings significant experience in the waste management sector and relationships in the industry which will be instrumental in supporting our team as we grow,” said Patsy Sperduto.

This investment builds on Clairvest’s 16-year track record in the environmental services industry. Star Waste represents Clairvest’s 58th platform investment and eighth platform investment partnership in the waste management sector. The Clairvest / CEP VI co-investment pool is capitalized at US$850 million and focuses on equity investments in growth companies.