Mr. Mitch Green reports

CLAIRVEST ANNOUNCES SUCCESSFUL RECAPITALIZATION OF F12.NET

Clairvest Group Inc. (CVG) and Clairvest Equity Partners VI have sold their interests in F12.net. The transaction includes a majority investment from a leading middle-market, growth-oriented private equity firm and a meaningful equity reinvestment from existing F12 shareholders and the executive team, including founder and chief executive officer Alex Webb.

F12 is one of the largest privately held managed service providers in Canada, serving small- and medium-sized businesses nationwide, with offices across Alberta, British Columbia and Ontario. The company supports over 20,000 users, delivering mission-critical managed technology services through its proprietary platform, F12 Connect.

In November, 2020, Clairvest partnered with F12 to help scale its platform across different geographies and verticals. Over the past five years, the company has grown substantially and executed its value creation plan set out in 2020. During the investment partnership, F12 increased revenue over 2.5 times and earnings before interest, taxes, depreciation and amortization over 3.5 times through a combination of best-in-class organic growth and complementary acquisitions.

Upon closing, Clairvest's portion of sale proceeds was approximately $163-million (CVG's portion is $44-million). On a constant currency basis, the sale proceeds for Clairvest represent a multiple of capital invested of 4.6 times and an internal rate of return of 35 per cent. The sale has a positive impact on CVG's book value of approximately $1.50 per share over the carrying value as at Sept. 30, 2025. This marks Clairvest's third successful realization in the technology service sector, following its investment experience in Meriplex Communications (7.8 times realized multiple on invested capital) and Peer 1 Networks (3.2 times realized MOIC).

"From the outset, we were drawn to F12's relentless focus on service delivery and a clear ambition to become the leading managed technology services platform in Canada. Over the course of our partnership, the team successfully expanded F12's capabilities and achieved best-in-class customer and productivity metrics. We are proud to have supported Alex and the broader management team, and congratulate them on this milestone as F12 enters its next phase of growth," said Mitch Green, managing director at Clairvest.

"We partnered with Clairvest in 2020 because of their decade-plus track record of successfully backing entrepreneurs in the technology services sector. With a shared vision, we reached key milestones together and built a platform delivering industry-leading KPIs. I am excited to begin our next chapter of growth as we continue raising the bar for service delivery across Canada," said Mr. Webb.

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 69 different platform companies and generated top-quartile performance over an extended period.