Clairvest Investment NovaSource Signs Agreement to Acquire First Solar’s North American O&M Business

TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today announced that NovaSource Power Services (“NovaSource” or “the Company”), a portfolio company of Clairvest Group Inc. and Clairvest Equity Partners VI (together, “Clairvest”), entered into an agreement with First Solar, Inc. (NASDAQ: FSLR) to acquire First Solar’s North American operations and maintenance business. The transaction will be funded through a combination of third-party term debt and equity from Clairvest. The proposed transaction is subject to customary closing conditions, including obtaining various consents and regulatory approvals. 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 54 different platform companies and generated top quartile performance over an extended period.

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 which could impact completion of the NovaSource transaction.  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.

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