Clairvest Provides Update on Head Digital Works Investment

TORONTO, Aug. 21, 2025 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) (“CVG”) announced a material adverse regulatory development with respect to Head Digital Works (the “Company”), a leading online skill based gaming platform in India. CVG and Clairvest Equity Partners V invested in the Company in 2017.

On August 21, 2025, the Parliament of India passed new online gaming legislation which bans real money gaming and associated facilitation of same. The legislation requires signature by the President of India before it comes into effect. Assuming this occurs, it would make it illegal for the Company to conduct its business (all of which is in India). The Company intends to pursue all of its legal rights to challenge the validity of the legislation, including seeking injunctive relief while court challenges are in process.

CVG’s investment in Head Digital Works represents 9.6% of its book value on a pre-tax, pre-carry basis as at June 30, 2025.

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 CAD $4.6 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.

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 the proposed legislation described herein coming into effect and the ability of Head Digital Works to successfully challenge the validity of the legislation. 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.