
Clairvest Reports Fiscal 2025 Fourth Quarter and Year End Results
Highlights
March 31, 2025 book value was $1,251.6 million or $88.30 per share compared with $1,234.3 million or $86.78 per share as at December 31, 2024 and $1,176.3 million or $80.16 per share as at March 31, 2024
Net income for the fourth quarter was $20.7 million or $1.46 per share as the fair value of certain investments increased
Net income for fiscal 2025 was $122.0 million or $8.47 per share. During fiscal 2025, Clairvest had $46.1 million of net realized gains from the realization of four investments and $44.8 million of net investment gains on its remaining private equity portfolio
Subsequent to year end, Clairvest and Clairvest Equity Partners VII ('CEP VII') invested in NCS Engineers
Also subsequent to year end, Clairvest and CEP VII invested in Beneficial Reuse Management
Also subsequent to year end, Clairvest declared an annual dividend of $1.4 million, or $0.10 per share, and a special dividend of $11.1 million, or $0.7830 per share, both payable on July 25, 2025
Clairvest's book value was $1,251.6 million or $88.30 per share as at March 31, 2025, compared with $1,234.3 million or $86.78 per share as at December 31, 2024 and $1,176.3 million or $80.16 per share as at March 31 2024. For the year ended March 31, 2025, Clairvest had invested a total of $53 million in three new deals and follow-on investments and exited four investments for total proceeds of $141 million. As at March 31, 2025, cash, cash equivalents and temporary investments excluding marketable securities, as reported under IFRS, were $250 million. In addition, our acquisition entities held $139 million in cash, cash equivalents and temporary investments as at March 31, 2025 bringing total available cash to $389 million. In aggregate, this represented 31% of our book value as at March 31, 2025, or approximately $27 per share.
Net income for the fourth quarter was $20.7 million, or $1.46 per share. The net income for the fourth quarter of fiscal 2025 reflects a net increase in the fair value of Clairvest's investee companies and a corresponding increase in carried interest from the CEP Funds.
Net income for the fiscal year was $122 million or $8.47 per share. During the fiscal year, Clairvest divested its investments in Winters Bros. Waste Systems of Long Island, Chilean Gaming Holdings, FSB Technology and Durante Rentals for net realized gains of $46.1 million, while the rest of the portfolio experienced net investment gains of $44.8 million, inclusive of foreign exchange gains. Following the realization of Winters Bros. Waste Systems of Long Island, Clairvest was awarded the 2025 CVCA Private Equity Global Dealmaker of the Year for the sale of this investment.
During the fiscal year, 500,070 shares were purchased and cancelled for a total purchase price of $35 million, or at an average price of $70.01 per share. These purchases were accretive to the book value per share.
In April 2025, and as previously announced, Clairvest together with CEP VII made a US$22.4 million (C$32.1 million) minority preferred equity investment in NCS Engineers, a provider of turn-key water and wastewater engineering solutions across the United States. Clairvest's portion of the investment was US$5.6 million (C$8.0 million).
In May 2025, and as previously announced, Clairvest together with CEP VII made a US$72.5 million (C$100.6 million) equity investment in Beneficial Reuse Management, a U.S.-based company which distributes products to the agriculture, landscape, wallboard, and construction end-markets by reusing or converting certain industrial waste streams into value-add products. Clairvest's portion of the investment was US$18.1 million (C$25.1 million).
"Fiscal 2025 was a productive year across Clairvest, marked by strong progress in our portfolio and continued investment momentum, despite a challenging macroeconomic backdrop. Our portfolio companies, on the whole, are performing well, and we remain confident in our ability to build long-term value alongside our entrepreneur partners. With CEP VII now underway with its first three investments, we are energized by the opportunities ahead and remain focused on backing aligned entrepreneurs in our active domains," said Ken Rotman, CEO of Clairvest. "We were also honoured to receive the 2025 CVCA Private Equity Global Dealmaker of the Year award for our investment in Winters Bros. Waste Systems of Long Island - our ninth time being recognized by the CVCA. Clairvest and CEP V achieved a 7.5x MOIC and a 24% internal rate of return on this investment. Our partnership with the Winters family spans three separate investments over 18 years, and this transaction marks another excellent outcome driven by long-term alignment, patience, and mutual trust."
Also subsequent to year end, Clairvest declared an annual ordinary dividend of $0.10 per share and a special dividend of $0.7830 per share, such that in aggregate, the dividends represent 1% of the March 31, 2025 book value. Both dividends will be payable on July 25, 2025 to common shareholders of record as of July 4, 2025 and are eligible dividends for Canadian income tax purposes.
Summary of Financial Results – Unaudited
Financial Results (1)
Quarter ended Year ended
March 31 March 31
2025 2024 2025 2024
($000's, except per share amounts) $ $ $ $
Net investment gain (loss) 11,438 22,024 15,248 (19,385)
Net carried interest from Clairvest Equity Partners III and IV (292) 1,005 4,169 3,700
Distributions, interest income, dividends and fees 19,386 11,897 157,064 52,336
Total expenses (recovery), excluding income taxes 9,746 1,592 37,940 39,824
Net income (loss) and comprehensive income (loss) 20,721 26,103 122,042 (3,353)
Basic and fully diluted net income (loss) per share 1.46 1.78 8.47 (0.23)
Financial Position
March 31 March 31
2025 2024
($000's, except share information and per share amounts) $ $
Total assets 1,429,435 1,342,139
Total cash, cash equivalents and temporary investments 295,728 330,193
Carried interest from Clairvest Equity Partners III and IV 48,517 52,188
Corporate investments (1) 942,857 870,660
Total liabilities 177,844 165,842
Management participation from Clairvest Equity Partners III and IV 37,718 41,506
Book value (2) 1,251,591 1,176,297
Common shares outstanding 14,173,631 14,673,701
Book value per share (2) 88.30 80.16
(1) Includes carried interest of $141,897 (2024: $143,617) and management participation of $105,457 (2024: $103,740) from Clairvest Equity Partners V, VI and VII and $162,235 (2024: $90,973) in cash, cash equivalents and temporary investments held by Clairvest's acquisition entities.
(2) Book value is a non-IFRS measure calculated as the value of total assets less the value of total liabilities.
Clairvest's annual fiscal 2025 financial statements and MD&A are available on the SEDAR website at www.sedar.com and the Clairvest website at www.clairvest.com.
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 $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.
Contact Information
Stephanie Lo
Director of Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753
stephaniel@clairvest.com
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 general and economic business conditions and regulatory risks. 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.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Globe and Mail
28 minutes ago
- Globe and Mail
Trump raises tariffs on Canadian goods, BoC keeps rate steady and Telus' new network deal: Business and investing stories for the week of Aug. 3
Getting caught up on a week that got away? Here's your weekly digest of The Globe's most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more. U.S. President Donald Trump signed an executive order Thursday evening increasing tariffs on some Canadian goods. The order, effective at midnight on Aug. 1, raises the tariffs that Mr. Trump imposed on Canadian goods in March to 35 per cent from 25 per cent — it does not, however, apply to products that meet the rules outlined in the United States-Mexico-Canada free trade agreement, known as USMCA. Prime Minister Mark Carney, in a statement early Friday morning, said the Canadian government is disappointed by Mr. Trump's actions but remains committed to the free-trade agreement. The Prime Minister disputed Mr. Trump's justification for the 35-per-cent tariff – namely that Canada is a significant source of the deadly opioid fentanyl smuggled into the United States. While the Canadian economy has mostly avoided the impact of the tariffs because the USMCA carve-out, certain industries — such as steel and aluminium, cars, and copper — will be hit harder by the changes. The Bank of Canada held its policy interest rate at 2.75 per cent for the third consecutive time as U.S. trade policy continues to muddy the economic outlook. The central bank is operating amid massive levels of uncertainty created by U.S. President Donald Trump's barrage of tariffs and attempt to rewrite the rules of global trade. Governor Tiff Macklem said there was a 'clear consensus' to hold the rate steady, but suggested the door remained open to additional rate cuts if needed, Mark Rendell reports. The bank also held off again on publishing a central forecast in its quarterly Monetary Policy Report. Instead, it detailed three potential paths for the Canadian economy that depend on the trajectory of U.S. tariffs, ranging from a mild downturn to an extended recession. Even before Mr. Trump's tariff threads, the vibrancy of Canada's business sector was already weak, but the trade war has only deepened the rut. Statistics Canada reported this week that the number of active businesses was effectively flat in April on a month-over-month basis, increasing by just 0.1 per cent. Sectors that are dependent on U.S. demand, such as mining, oil and gas extraction, experienced a sharper decline in the number of active businesses from the start of last year than other sectors, and the gap has widened since Mr. Trump returned to the White House. Statscan noted this decline began before that, and suggested other factors could be at play. Jason Kirby takes a closer look at the numbers in this week's Decoder series. After a months-long search for buyers, Telus Corp. T-T has entered a definitive agreement with the Caisse de dépôt et placement du Québec to sell a minority stake in its nationwide cellphone tower network for $1.26-billion. The Caisse, Canada's second-largest pension fund, will acquire a 49.9-per-cent stake in the infrastructure asset, which is being spun out as a new company called Terrion. The business is worth $2.5-billion, including Telus's 50.1-per-cent equity interest. Telus had $25-billion in long-term debt as of March, and intends to use all proceeds from the sale to pay some of it down. Drumeo is the brainchild of Jared Falk, an Abbotsford-born music teacher, performer and entrepreneur who first started giving drum lessons by video in the pre-streaming era of the early 2000s. Now Mr. Falk's company – Musora Media Inc. – boasts more than 100,000 paid subscribers, with offerings for piano, vocals and guitar as well. Armed with a roster of drumming legends — including Chad Smith of the Red Hot Chili Peppers, Stewart Copeland of The Police, the internet sensation known as El Estepario Siberiano, and The Rolling Stones veteran session man Steve Jordan — Drumeo appears all over the internet with viral clips of musicians showing off their signature grooves and testing themselves on unfamiliar tunes. Jeffrey Jones spoke with Mr. Falk about how he built his music lesson empire, and how Drumeo sets itself apart from the competition. Get the rest of the questions from the weekly business and investing news quiz here, and prepare for the week ahead with The Globe's investing calendar.


CBC
29 minutes ago
- CBC
Trump fires U.S. Bureau of Labour Statistics head after weak jobs report
U.S. President Donald Trump fired Erika McEntarfer, commissioner of the Bureau of Labor Statistics, after a report showed hiring slowed in July and was much weaker in May and June than previously reported.


CTV News
an hour ago
- CTV News
A look at what you can buy for $723,000 in 8 Ottawa neighbourhoods
A four-bedroom home for sale on Caltra Crescent in Barrhaven. The home features a fully fenced backyard with a two-level deck. ( The Ottawa Real Estate Board reported an increase in the number of homes hitting the market in June, giving buyers more choice when shopping for a home. In June, the average price of a home sold in Ottawa was $723,152, up 5.2 per cent from June 2024. looks at what you can buy for $723,000 in eight Ottawa neighbourhoods. Listed for $719,000, this four-bedroom, two-and-a-half-bathroom town home is located on Caltra Crescent in Quinn's Pointe. Barrhaven A four-bedroom home for sale on Caltra Crescent in Barrhaven. The home features a fully fenced backyard with a two-level deck. ( 'Step inside to discover a thoughtfully designed layout featuring nine-foot ceilings, hardwood flooring, custom blinds and modern pot lighting throughout the main level, creating a bright and stylish living space,' says the listing on 'The gourmet kitchen is a true showstopper, boasting waterfall-edge quartz countertops, tall cabinetry with under-cabinet lighting, numerous convenient drawers for easy storage, and a sleek ceramic tile backsplash.' The home includes a finished basement and a fully fenced backyard with a two-level deck. Caltra Cresent A look at the kitchen of a home for sale on Caltra Crescent in Barrhaven. ( This single-family home listed for $719,900 features three bedrooms and two bathrooms. 'This charming property features three spacious bedrooms and two bathrooms. Enjoy the elegance of hardwood floors and a cozy main-floor family room with a wood-burning fireplace,' says the listing on 'The eat-in kitchen boasts a walk-in pantry for added convenience. An attached garage provides easy access, while the private backyard offers a serene retreat.' Parklane Court A look inside a home for sale on Parklane Court in Blackburn Hamlet. ( Parklane Court Three three-bedroom home on Parklane Court includes an attached garage and a private backyard. ( Listed at $723,500, this home near the Britannia Park and Beach has three bedrooms and two bathrooms. Britannia This home on Don Street in Britannia is on the market for $723,500. ( 'The expansive living space exudes warmth, offering a haven of comfort for you and your loved ones,' says the listing on 'Well-appointed kitchen gazes upon a captivating backyard, inviting tranquility and scenic views into your daily routine. The second floor offers a serene balcony span almost the entire front of the building, beckoning you to relish in moments of reprieve and cherish the natural surroundings.' Britannia 2 A look inside a home for sale on Don Street in Britannia. The kitchen looks out to the backyard. ( This home for sale in Findlay Creek features three bedrooms, three bathrooms and an attached garage. It's listed for $714,900. Trident Mews A look inside a home for sale on Trident Mews in Ottawa's Findlay Creek. ( 'The stunning living room features 15-foot ceilings and a wall of windows, flooding the space with natural light,' says the listing on 'Elegant panelling, a lime-washed linear gas fireplace (2025), and built-in surround sound speakers complete the space. The chef's kitchen includes an upgraded coffee bar with glass cabinetry, spice rack, double waterfall edge island, quartz countertops throughout, and premium appliances. Upstairs, enjoy upgraded carpet, second-level laundry, and a generous primary bedroom with an oversized glass shower in the ensuite.' There is also a finished basement with an electric fireplace, and a private backyard with an integrated gas fireplace. Trident Mews The backyard of a three-bedroom home for sale on Trident Mews in Findlay Creek. According to the backyard includes an integrated gas fireplace and PVC deck. ( This four-bedroom, four-bathroom home on Summergaze Street in Kanata is listed at $725,000. Kanata This home in Kanata is listed for $725,000. The home offers three plus one bedrooms, four bathrooms and a "layout perfect for modern family living." ( 'The spacious kitchen is a chef's dream, complete with a large pantry, ample counter space, and a bright eating area,' says the listing on 'Host formal dinners in the elegant dining room, then relax in the oversized great room, ideal for family time or entertaining. Upstairs, a versatile loft space offers endless possibilities a home office, playroom, or cozy retreat. The partially finished basement adds even more functionality, featuring a fourth bedroom and full bathroom, perfect for guests, in-laws, or teens, with room to customize the remaining space.' Kanata A look at the main floor of a home for sale on Summergaze Street in Kanata. ( Located in Ottawa's Lowertown neighbourhood and just steps from the ByWard Market, this three-bedroom, three-bathroom home is listed at $725,000. Lowertown A three-bedroom home on Guigues Avenue in Ottawa's Lowertown neighbourhood is for sale at $725,000. ( 'This charming property seamlessly blends historic character with modern comfort, offering high ceilings, thoughtful upgrades, and a private urban backyard retreat plus rare two-car parking,' says the listing on 'The main floor features a stylish living area with a custom built-in entertainment unit and pot lighting throughout, flowing into a bright, functional kitchen with stainless steel appliances, a gas stove, butcher block countertops, and a classic subway tile backsplash. Upstairs, original hardwood flooring adds warmth and authenticity.' The home features a second-floor laundry. Lowertown A look inside a home for sale in Ottawa's Lowertown neighbourhood. The listing on says the 'main floor features a stylish living area with a custom built-in entertainment unit and pot lighting throughout, flowing into a bright, functional kitchen with stainless steel appliances. ( This three-bedroom, two full-bathroom home in the Queenwood Heights neighbourhood of Orléans is on the market for $724,900. Gleneagles Avenue A three-bedroom, three-bathroom home on Gleneagles Avenue in Orléans is for sale at $724,900. ( The all-brick bungalow features a mature backyard, complete with a deck. 'The interior's open concept living allows for light to shine through, creating a bright and cozy space,' says the listing on Bennett Property Shop Realty. 'With a side door entry, this home is perfectly suited for intergenerational living or for those looking for rental income with a secondary dwelling unit. Need a workshop, studio, extra storage space, the oversized garage has you covered!' Taylor Bennett of Bennett Property Shop Realty told CTV Morning Live there is a 'lot of potential' in the property, including space for a suite and a large garage on the back end. Gleneagles Avenue A look inside one of the rooms in a home for sale in the Queenwood Heights neighbourhood of Orléans. ( This townhouse features three bedrooms, a den and three-and-a-half bathrooms and is listed for $719,900. Stittsville This three bedroom home on Hackney Private in Stittsville is listed for $719,800. ( According to the listing on the home has a fully finished basement, an open concept main floor with nine-foot ceilings, stainless steel appliances and a walk-in pantry. 'Upstairs, unwind in the large den next to the generous master suite with walk-in closet, double-vanity ensuite, soaker tub, and glass shower,' the listing says. 'Two additional bedrooms and a main bath. The fully finished basement includes a fourth bathroom ideal for guests, home office, or extra living space.'