TORONTO, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today reported results for the fiscal 2022 second quarter and six months ended September 30, 2021 and material events subsequent to quarter end. (All figures are in Canadian dollars unless otherwise stated)
Highlights
- September 30, 2021 book value was $895.9 million or $59.49 per share compared with $867.3 million or $57.60 per share as at June 30, 2021
- Net income for the quarter ended September 30, 2021 was $28.6 million or $1.89 per share. For the six months ended September 30, 2021, net income was $46.7 million or $3.10 per share
- Subsequent to quarter end and as previously announced, Clairvest and Clairvest Equity Partners VI (“CEP VI”) entered into an agreement to acquire Delaware Park
- Clairvest named a Top Founder-Friendly Private Equity Firm by Inc. magazine, recognizing our success of backing entrepreneurs over the past 34 years
Clairvest’s book value was $895.9 million or $59.49 per share as at September 30, 2021, compared with $867.3 million or $57.60 per share as at June 30, 2021. The increase in book value for the quarter was attributable to net income for the quarter of $28.6 million, or $1.89 per share, which resulted from a net increase in the valuation of our private equity investment portfolio and a recovery of share based compensation expense due to a reduction in the Clairvest share price during the quarter.
In November 2021, Clairvest together with CEP VI and a newly formed subsidiary of Rubico Gaming LLC, agreed to acquire the Delaware Park casino and racetrack business. The closing of the transaction is subject to, among other things, obtaining regulatory approvals, and is expected to close by end of calendar year 2021.
“With the mission to help entrepreneurs build strategically significant businesses, we continue to work diligently to identify investment opportunities and continue growing our portfolio,” said Ken Rotman, CEO of Clairvest. “Despite an interesting & unpredictable environment, the majority of our portfolio companies have done an excellent job of navigating the situation and growing throughout. Additionally, we are proud to be on Inc.'s Top Founder-Friendly Investor List this year, which further underscores our approach and mission.”
https://www.globenewswire.com/news-release/2021/11/11/2333012/0/en/Clairvest-Reports-Fiscal-2022-Second-Quarter-Results.html