Clairvest Reports Fiscal 2015 Third Quarter Results

TORONTO, ON--(Marketwired - February 10, 2015) - Clairvest Group Inc. (TSX: CVG) today reported results for the quarter and nine months ended December 31, 2014. (All figures are in Canadian dollars unless otherwise stated)

Highlights

• December 31, 2014 book value was $428.7 million or $28.33 per share versus $431.6 million or $28.52 per share at September 30, 2014
• Net loss for the quarter ended December 31, 2014 was $2.9 million or $0.19 per share
• Net income for the nine months ended December 31, 2014 was $33.0 million or $2.18 per share
• At December 31, 2014, cash or near cash of $211.4 million, presented on a Non-IFRS basis, represented 49.3% of the December 31, 2014 book value, or $13.97 per share
• Subject to the approval of the Toronto Stock Exchange, Clairvest's Board of Directors approved a new normal course issuer bid

Clairvest's book value was $428.7 million or $28.33 per share at December 31, 2014, compared with $431.6 million or $28.52 per share at September 30, 2014. The decrease in book value per share for the quarter was attributable to net loss for the quarter of $2.9 million, or $0.19 per share. For the nine months ended September 30, 2014, net income was $33.0 million or $2.18 per share.

"Together with our partners, we continue to build value in our investee companies," said Jeff Parr, Co-CEO of Clairvest. "Our team is also identifying unique investment opportunities to continue to grow our portfolio."

Subject to the approval of the Toronto Stock Exchange, Clairvest's Board of Directors has approved a new normal course issuer bid to purchase up to 756,705 common shares on the Toronto Stock Exchange during the 12-month period commencing March 6, 2015.

The following tables reconcile the financial results reported in accordance with IFRS to Non-IFRS financial results. Non-IFRS financial information is provided to aid investors in better understanding the company's performance.

⁽¹⁾ IFRS adjustments: Under IFRS, the Company is required to fair value certain acquisition entities and wholly-owned holding entities instead of recording its share of the assets, liabilities, revenues and expenses of these entities. The Company is also required to recognize as revenue that portion of the carried interest from the CEP Funds which are allocated to the principals and employees of Clairvest through various limited partnerships. In addition, Clairvest is required to record a liability for any entitlements of limited partners of a partnership where the limited partners are not part of the consolidated group of the Company but where the partnership is required to be consolidated by the Company. Accordingly, that portion of the carried interest from the CEP Funds that is allocated to the limited partners of these partnerships ("MIP Partnerships") and the carried interest payable to MIP Partnerships by other partnerships which are consolidated by Clairvest (collectively, the "Management Entitlements") are recorded as an expense and a liability of the Company. The Non-IFRS measures are presented such that the assets, liabilities, revenues and expenses of these acquisition entities and wholly-owned holding entities are included as part of the Company's financial position and operating performance, and the Management Entitlements are on a net basis such that only that portion of the carried interest from the CEP Funds being allocated to Clairvest is reflected in income and as a receivable and the total fair value of corporate investments excludes that portion of partnership interests where Clairvest does not have beneficial ownership. The Company believes the Non-IFRS measures provide investors more insightful information regarding the Company's financial position and operating performance and such information is consistent with Management's evaluation of the business.

⁽²⁾ Book value is a Non-IFRS measure calculated as the value of total assets less the value of total liabilities. The term book value does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Clairvest's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated book value consistently for many years and believes that book value can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

Clairvest's third quarter fiscal 2015 financial statements and MD&A are available on the SEDAR website at www.sedar.com and on the Clairvest website at www.clairvest.com.

About Clairvest

Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners ("CEP") limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

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.

www.clairvest.com