Clairvest Update on Digital Media Solutions
TORONTO, April 23, 2020 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today announced that Digital Media Solutions Holdings, LLC (“DMS”), a portfolio company of Clairvest Group Inc. and Clairvest Equity Partners V (collectively, “Clairvest”), has entered into an agreement to combine with Leo Holdings Corp. (NYSE: LHC) (“Leo”), a publicly traded special purpose acquisition company. Immediately following the closing of the proposed transaction, Leo intends to change its name to Digital Media Solutions, Inc. (“New DMS”). The current DMS executive management team will continue to lead New DMS, which is expected to trade on the New York Stock Exchange.
Should the transaction close on contemplated terms, Clairvest will receive cash proceeds in the transaction but will also retain a significant continuing equity interest in New DMS. Clairvest’s percentage ownership is dependent upon the number of Leo Class A ordinary shares that are redeemed by Leo’s public shareholders in connection with the proposed transaction. Clairvest will continue to have representation on the New DMS board of directors.
Clairvest’s and the DMS management team’s obligation to consummate the transaction is subject to, among other things, the delivery by Leo of a minimum cash amount. There can be no assurance that the transaction will be consummated.
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 $2.4 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 51 different platform companies.
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, it CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Such factors include general and economic business conditions and regulatory risks and the risk that the transaction will not yield sufficient cash proceeds for Clairvest and its management partners at DMS. 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.
Clairvest Contact Information
Maria Shkolnik
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270 | Fax: (416) 925-5753
