Mr. Ken Rotman reports

CLAIRVEST REPORTS FISCAL 2024 THIRD QUARTER RESULTS

Clairvest Group Inc. has released results for the fiscal 2024 third quarter and nine months ended Dec. 31, 2023.

Highlights:

• Dec. 31, 2023, book value was $1,150.3-million or $78.38 per share compared with $1,181.0-million or $78.61 per share as at Sept. 30, 2023.
• Net loss for the quarter ended Dec. 31, 2023, was $5.0-million or 34 cents per share.
• Net loss for the nine months ended Dec. 31, 2023, was $29.5-million or $1.97 per share.
• Clairvest repurchased for cancellation 340,100 shares from a passive shareholder for a total cost of $25.2-million.

Clairvest's book value was $1,150.3-million or $78.38 per share as at Dec. 31, 2023, compared with $1,181.0-million or $78.61 per share as at Sept. 30, 2023. For the quarter ended Dec. 31, 2023, Clairvest recorded a net loss of $5.0-million, or 34 cents per share, which was primarily driven by a net decrease in the valuation of Clairvest's private equity investment portfolio. Also, during the quarter, Clairvest purchased and cancelled 349,300 common shares at an average price of $74 per share, or a total cost of $25.8-million, which added 11 cents per share to the book value.

For the nine months ended Dec. 31, 2023, Clairvest recorded a net loss of $29.5-million, or $1.97 per share. The net loss for the nine months was primarily driven by a net decrease in the valuation of Clairvest's private equity investment portfolio over the corresponding period, net of one investment realization, which was recorded in the second quarter of fiscal 2024.

"We continue to be in a tricky and inconsistent economic environment. On one hand, many of our portfolio companies are doing terrific, growing top and bottom line ahead of market growth. In contrast, others are struggling with various operating issues, higher interest expense, cost inflation in specific categories and sluggish top-line growth, depending on the sector. In aggregate, the combination of issues, along with the regulatory setback we faced in India, has stagnated growth in our book value per share over the last 1-1/2 years. On the new deal front, after a slow start to the fiscal year, activity has picked up as bid-ask spreads have narrowed. Clairvest liquidity remains very strong, and we are excited to be investing capital at this time," said Ken Rotman, chief executive officer and managing director of Clairvest.

Clairvest's third quarter fiscal 2024 financial statements and management's discussion and analysis are available on the SEDAR+ website and the Clairvest website.

About Clairvest Group Inc.

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 $4.3-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 64 different platform companies and generated top-quartile performance over an extended period.

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