Clairvest Completes Fourth Successful Exit in Waste Management with Sale of County Waste of Virginia to GFL

TORONTO, Jan. 02, 2020 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) (a??CVGa??), today announced that it and Clairvest Equity Partners IV (collectively a??Clairvesta??), and our management shareholder partners have completed the sale of 100% of the interests in County Waste of Virginia (a??County Wastea?? or the a??Companya??) to GFL Environmental Inc.
County Waste is a private regional solid waste collection company that provides residential, commercial, industrial, and C&D waste collection, disposal and recycling services in the Virginia and Pennsylvania regions. At closing, Clairvest realized a multiple of capital of 3.6x and an IRR of 30% on its US$48 million investment before considering a deferred contingent payment that is based on achieving certain corporate milestones. The contingent payment, if earned, would bring the aggregate return on Clairvesta??s investment to 4.6x.At closing, CVGa??s sale proceeds was US$46 million, compared to its US$13 million investment in County Waste and a US$28 million carrying value as at September 30, 2019.A Clairvest made its initial investment in County Waste in 2013 following a prior partnership with the Companya??s management at Hudson Valley Waste Inc; a successful investment Clairvest exited in 2011 that generated a 2.0x multiple of capital and an IRR of 88%.Since 2013, County Waste successfully executed an aggressive acquisition program and completed over 60 follow-on acquisitions, growing revenue by over 400% and expanding market share across its core markets.
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