|By Marketwired .||
|February 4, 2013 07:15 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 02/04/13 -- Clairvest Group Inc. (TSX:CVG) ("Clairvest"), Clairvest Equity Partners IV Limited Partnership and Clairvest Equity Partners IV-A Limited Partnership (collectively, "CEP IV") today announced a combined $39.5 million investment in CRS Contractors Rental Supply Limited Partnership ("CRS" or the "Company"). CRS is a leading provider of construction rental equipment and related merchandise. Founded in 2000, the Company grew from 4 to 21 locations in Ontario and over 270 employees dedicated to delivering superior products and customer service. The investment was originated through Clairvest's rental services domain efforts and builds on current investments in oilfield and medical equipment rentals. Clairvest's portion of the investment is $10.6 million.
"We are excited to partner with a true leader in the Canadian equipment rental field. CRS has a proven business model and solid track record of profitable growth. The management of CRS are significant owners of the business alongside Clairvest and we look forward to working with them in the coming years to help achieve their growth initiatives," said Mitch Green, Principal of Clairvest.
"CRS is an entrepreneurial business that enjoys success by providing outstanding service to our customers. We believe Clairvest is a great fit to help take CRS to the next level. Our team is ready to drive continued growth through new stores, expansion of product lines, and acquisitions. We are also proud to remain an independent, Canadian-owned business while creating a great opportunity for our next level of management and all employees," said Steve Fay, CEO.
CRS is Clairvest's 38th platform investment and the sixth investment by CEP IV. The Clairvest/CEP IV co-investment pool is capitalized at $467 million and focuses on equity investments in growth companies.
Clairvest Group Inc. is a private equity management firm which invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Clairvest Group Inc.
Director, Investor Relations and Marketing
(416) 925-5753 (FAX)