Message from our CEO

Over the past year, Clairvest and its investment partners made several significant strides. We also were hit hard by an unexpected external event that resulted in our largest write-down in memory. While the gains meaningfully outweighed the setback, both experiences provided valuable lessons.

Several of our companies delivered exceptional customer growth and profitability, in some cases breaking positively & dramatically from a more modest trend line. These results were not generated overnight; they were driven by years of effort. This reinforces the importance of putting the right people in the right places, supporting decision-making with quantitative rigour, acting decisively, investing in capabilities and then focusing those people on a small number of initiatives that will drive outsized impact.

Conversely, where we took the hit, we learned (again) about the hubris and resulting vulnerability that past success can create when misinterpreting the source of that success. Limiting what we do and where we do it to areas aligned with our proven strengths remains critical. For Clairvest, that means staying anchored in North America. While this may feel like a cap on growth, the humility to understand where you will win versus not is part of the winning strategy.

Ken Rotman, CEO and Managing Director of Clairvest

Three axioms I try to adhere to that have been more prevalent in the past year:

  1. An aspect of success comes from being emotionally tied to the outcome while at the same time not allowing emotion to influence decisions to get to said outcome.
  2. Personal and professional success don’t typically come easily, but rather by building relevant knowledge, a focus on the end goal and dogged determination.
  3. Setbacks, at some level, along the way are inevitable. Knowing when to move on versus doubling down is essential to long-term success.
Michael Wagman
President and Managing Director of Clairvest

This year reinforced a simple truth: growth begins with people. Every success – whether a merger or a promotion – starts with trust, empowerment, and shared belief in the future.

Lee Rogers
CEO, Acera Insurance

Refrain from changing course until you reach the decisive point with your people and your plans. A little tactical patience is essential to remain on the critical path to your goals.

Joe Paull
CEO, NexTech Solutions

Once the foundation is in place, the results will come fast. The foundation of course is the right plan, the right team and the belief that it can get there…and then, anything is possible.

Alex Webb
Founder & CEO, F12.net

2025 showed us that strategic creativity and bold ideas drive growth. By envisioning and building Delaware Park’s first outdoor slot patio and introducing innovative events like Safari Sprint, we transformed a property long seen as unchanged into a destination buzzing with excitement.  We proved that innovation and heritage can coexist.  These efforts not only elevated guest experiences but also reinforced our competitive edge in a dynamic market.

Terry Glebocki
President & General Manager, Delaware Park

For Star Waste, 2025 was about staying resilient and refusing to get distracted by noise. By staying focused on key issues and opportunities, adding the right talent to sharpen that focus, and building supporting capabilities, we have generated tremendous results and momentum.

Patsy Sperduto
CEO, Star Waste Systems

Our people and shared values defined 2025. Their passion to reestablish our services as the industry benchmark – supported by strong leadership, disciplined processes, and a reengaged client base – has set us on a clear path to growth and success.

Akshay Sagar
CEO, NovaSource Power Services

It’s worth the work to find a great CFO, even if that means having to hire multiple people before getting it right. Having a great CFO is a game changer.

Rick Lybbert
CEO, Mountain Land Physical Therapy

I admire how the Clairvest team dealt with adversity. When tested by unforeseen circumstances, the Clairvest team remained united, accountable, and disciplined. This inspires even greater confidence in prospects for future success.

Michael Bregman
Chairman of Clairvest

2025 has been a year filled with growth, strategy development, and organizational enhancement. It has taught us the importance of setting a stable foundation before pursuing aggressive growth. To this end, we have focused on improving the depth of our team, processes, and overall corporate infrastructure. We are confident that this will set the business up for M&A, growth, and success in 2026 and beyond.

Ram Narasimhan
Founder & CEO, NCS Engineers

This past year has reinforced the importance of clarity, alignment, and disciplined execution at the leadership level.  When values, accountability, and strategic direction are consistently reinforced, the organization is able to move faster and make better decisions. Addressing misalignment decisively allowed us to strengthen trust across teams and focus the business on what matters most. With the right leadership in place, execution improved exponentially. This translated into record production volumes and the strongest financial performance in Brunswick’s history.

Sean Fleming
Founder & CEO, Brunswick Bierworks

As a business grows, it is easy to focus on top-line growth without putting enough attention into building the inside of the business (people, processes, systems) that will allow it to level up over the medium to long term.

Paul Bouchard
CEO, Top Aces

Clear priorities and a strong, adaptive culture proved to be our greatest strengths this year. By simplifying goals, sharpening communication, increasing cross-team collaboration, and empowering our teams to respond quickly to changing scientific and regulatory needs, we delivered higher-quality outcomes with greater speed and alignment. When our people are focused and connected to the mission, performance follows.

Val Adia
CEO, Boca Biolistics

Leadership by example is the key building block underlying exceptional organizations and superior long-term outcomes. As the newest addition to the board, I am delighted and impressed to see this so strongly manifested at both the board and executive levels of Clairvest. Clairvest lives by its values with no gap between words and deeds.

Les Viner
Director of Clairvest