Clairvest Reports Fiscal 2026 Fourth Quarter and Year End Results
TORONTO, June 24, 2026 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today reported results for the fourth quarter and year ended March 31, 2026 and events which occurred subsequent to year end. (All figures are in Canadian dollars unless otherwise stated)
Highlights
- March 31, 2026 book value was $1.293 billion or $96.60 per share compared with $91.66 per share at December 31, 2025 and $88.30 per share at March 31, 2025. Inclusive of dividends, the growth in book value per share year over year was 10.5%
- Net income for the fourth quarter was $62.3 million or $4.56 per share (primarily attributable to investment realizations and fair value changes to the private equity investment portfolio)
- Net income for fiscal 2026 was $112 million or $8.04 per share. During fiscal 2026, Clairvest had an $72 million net investment gain, comprised of $55.8 million of net realized losses from four investments and $127.9 million of net unrealized investment gains on its remaining private equity portfolio. Excluding the realized loss related to Head Digital Works, which was previously announced in the second quarter of fiscal 2026, Clairvest had $64.8 million in realized gains from the realization of F12.net and Acera Insurance
- During the quarter, Clairvest and Clairvest Equity Partners VI (“CEP VI”) completed the sale of their interest in Acera Insurance, realizing total proceeds of $406.5 million, or a 3.0x multiple on invested capital
- Subsequent to year end, Clairvest and CEP VI completed the sale of their interest in Star Waste, realizing total proceeds of US$138.6 million, or a 2.6x multiple on invested capital
- Clairvest and Clairvest Equity Partners VII (“CEP VII”) entered into an agreement to acquire a gaming investment in Eastern United States
- In the first quarter of fiscal 2027, Clairvest and CEP VII completed three new investments totalling $271.2 million
- Clairvest declared an annual dividend of $1.3 million, or $0.10 per share, and a special dividend of $11.6 million, or $0.8660 per share, both payable on July 24, 2026
Clairvest’s book value was $1.293 billion or $96.60 per share as at March 31, 2026, compared with $1.255 billion or $91.66 per share as at December 31, 2025 and $1.252 billion or $88.30 per share as at March 31 2025. For the year ended March 31, 2026, Clairvest invested a total of $73 million in new and follow-on investments and realized on four investments for total proceeds of $132 million. As at March 31, 2026, 30% of our book value, or approximately $29 per share, was held in cash, cash equivalents and temporary investments excluding marketable securities, including those held in our acquisition entities.
Net income for the fourth quarter was $62.3 million, or $4.56 per share. The net income for the fourth quarter of fiscal 2026 reflects the gain on the sale of Star Waste which was completed subsequent to quarter end, a net increase in the fair value of Clairvest’s other portfolio companies and a corresponding increase in carried interest from the CEP Funds.
Net income for the fiscal year was $112 million or $8.04 per share. During the fiscal year, Clairvest divested its investments in F12.net and Acera Insurance for realized gains of $64.8 million and realized its investment in Head Digital Works (for nil value) which had a carrying value of $127.8 million as at March 31, 2025, while the balance of the portfolio recognized net investment gains of $127.9 million, inclusive of foreign exchange revaluations.
During the quarter, Clairvest and CEP VI completed the sale of their ownership interest in Acera Insurance for cash proceeds of $325 million in addition to an $81.5 million promissory note. Clairvest’s portion of the proceeds was $87.9 million in cash and $22.1 million of the promissory note. The transaction, inclusive of the principal value of the promissory note, generated a 3.0x multiple on invested capital.
Also during the quarter, Clairvest and CEP VI agreed to the sale of Star Waste which was completed April 1, 2026. Clairvest and CEP VI received proceeds totalling US$138.6 million. Clairvest’s portion of the proceeds was US$37.5 million. The transaction generated a 2.6x multiple on invested capital. As at March 31, 2026, the investment in Star Waste is carried at the sale value.
Also during the quarter, Clairvest and CEP VII entered into an agreement to acquire a gaming investment in Eastern United States. As at March 31, 2026, Clairvest and CEP VII deposited US$33 million into an escrow account prior to closing of the acquisition, which is subject to state and local regulatory and contractual approvals.
Subsequent to year end, Clairvest and CEP VII completed the acquisition of three new investments totalling $271.2 million, of which Clairvest’s portion was $67.7 million. These investments are further described in the annual fiscal 2026 financial statements.
“Fiscal 2026 was an exceptionally active year for Clairvest. While our results were impacted by the negative regulatory outcome at Head Digital Works, the year also demonstrated the resilience and underlying strength of our portfolio as demonstrated by the realizations on F12.net and Acera during fiscal 2026 and Star Waste subsequently. These exits exemplify what we seek to achieve with every partnership: backing exceptional entrepreneurs in sectors we know well and helping them build businesses of strategic significance. At the same time, signing and closing three new CEP VII investments during and after the quarter underscores the momentum we are building in that fund. As we continue to concentrate our efforts in North America — where our track record is strongest and our pipeline remains active — we remain focused on deploying capital with discipline and conviction alongside the right partners,” said Ken Rotman, CEO of Clairvest.
During the quarter, 305,200 shares were purchased and cancelled for a total purchase price of $22.7 million, or at an average price of $74.41 per share, inclusive of applicable taxes as legislated. During the fiscal year, 784,700 shares were purchased and cancelled for a total purchase price of $57.7 million, or at an average price of $73.53 per share, inclusive of applicable taxes as legislated. These purchases were accretive to the book value per share.
Subsequent to year end, Clairvest declared an annual ordinary dividend of $0.10 per share and a special dividend of $0.8660 per share, such that in aggregate, the dividends represent 1% of the March 31, 2026 book value. Both dividends will be payable on July 24, 2026 to common shareholders of record as of July 3, 2026 and are eligible dividends for Canadian income tax purposes.
Summary of Financial Results – Unaudited
|
Financial Results(1) |
Quarter ended March 31 |
Year ended March 31 |
||
| 2026 | 2025 | 2026 | 2025 | |
| ($000’s, except per share amounts) | $ | $ | $ | $ |
| Net investment gain | 79,973 | 11,438 | 140,941 | 15,248 |
| Net carried interest from Clairvest Equity Partners III and IV | 56 | (292) |
(4,406) |
4,169 |
| Distributions, interest income, dividends and fees | 19,470 | 19,386 | 61,603 | 157,064 |
| Total expenses, excluding income taxes | 28,585 | 9,746 | 67,193 | 37,940 |
| Net income and comprehensive income | 62,349 | 20,721 | 112,049 | 122,042 |
| Basic and fully diluted net income per share | 4.56 | 1.46 | 8.04 | 8.47 |
|
Financial Position |
March 31 2026 |
March 31 2025 |
| ($000’s, except share information and per share amounts) | $ | $ |
| Total assets | 1,479,834 | 1,429,435 |
| Total cash, cash equivalents and temporary investments | 324,881 | 295,728 |
| Carried interest from Clairvest Equity Partners III and IV | 41,944 | 48,517 |
| Corporate investments(1) | 952,179 | 942,857 |
| Total liabilities | 186,405 | 177,844 |
| Management participation from Clairvest Equity Partners III and IV | 34,289 | 37,718 |
| Book value(2) | 1,293,429 | 1,251,591 |
| Common shares outstanding | 13,388,931 | 14,173,631 |
| Book value per share(2) | 96.60 | 88.30 |
|
(1) Includes carried interest of $211,627 (2025: $141,897) and management participation of $152,064 (2025: $105,457) from Clairvest Equity Partners V, VI and VII and $143,471 (2025: $162,235) in cash, cash equivalents and temporary investments held by Clairvest’s acquisition entities. | ||
| (2) Book value is a non-IFRS measure calculated as the value of total assets less the value of total liabilities. | ||
Clairvest’s annual fiscal 2026 financial statements and MD&A are available on the SEDAR website at www.sedar.com and the Clairvest website at www.clairvest.com.
About Clairvest
Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $4.6 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 72 different platform companies and generated top quartile performance over an extended period.
Contact Information
Stephanie Lo
Director of Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753
stephaniel@clairvest.com
Forward-Looking Statements
This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
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