Clairvest Update on DMS SPAC Transaction

TORONTO, July 15, 2020 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today announced that Digital Media Solutions Holdings, LLC, a portfolio company of Clairvest Group Inc. (“Clairvest”), and Clairvest Equity Partners V ( “CEP V”), completed the previously announced business combination with Leo Holdings Corp. (NYSE: LHC) (“Leo”), a publicly-traded special purpose acquisition company. Upon completion of the business combination, Leo changed its name to Digital Media Solutions, Inc. (“DMS”), and its Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “DMS” and “DMS WS” respectively, commencing on July 16, 2020.

Upon the completion of the transaction, Clairvest and CEP V will receive cash proceeds totaling approximately US$7.9 million and US$18.5 million respectively and will own 6,058,016 and 14,135,371 Class A common stock of DMS on an as-converted and as-redeemed basis, respectively, which in aggregate represents approximately 34.7% of total outstanding shares of DMS. Clairvest and CEP V will also own 276,653 and 645,524 warrants respectively. Clairvest and CEP V are subject to a 6-month hold period on their DMS shares and have customary registration rights and would expect any sale of such shares to be conducted pursuant to a resale prospectus. The warrants have an exercise price of USD$11.50 per warrant and are not exercisable for 30 days after closing of the transaction.

Combined with cash proceeds received to date, after this transaction, Clairvest will have realized cash proceeds equal to 3.5x its investment in DMS.

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.

Clairvest Contact Information

Maria Shkolnik

Director, Investor Relations and Marketing

Clairvest Group Inc.

Tel: (416) 925-9270 | Fax: (416) 925-5753