CPE News (11/3/2020) – Clairvest Group Inc. (TSX: CVG) has announced a $36 million growth equity investment in F12.net Inc. Clairvest partnered with the existing management team who will retain the majority of their equity in the business.
Clairvest Group and Clairvest Equity Partners VI (CEP VI) invested $9.7 million and $26.3 million respectively. Torys LLP acted as legal counsel to Clairvest.
Founded by Alex Webb, Edmonton based F12.net is a provider of managed IT services for Canadian-based small and medium-sized enterprises.
F12 grew by combining several IT service companies under a common, fully integrated operating model. F12 most recently completed the acquisition and integration of Level 4 Technologies of Vancouver. With help from Clairvest, F12 aims to continue its quest to become the leading national provider of managed IT services for SMEs.
F12 is Clairvest’s 60th platform investment and the fourth investment by CEP VI. The Clairvest/CEP VI co-investment pool is capitalized at US $850 million and focuses on equity investments in growth companies.
photo credit: F12.net
News Release
Clairvest Partners With Management Team of F12.net
TORONTO, Nov. 03, 2020 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it, together with Clairvest Equity Partners VI (“CEP VI”) (collectively, “Clairvest”), made a CAD $36 million (CAD $9.7 million from CVG) growth equity investment in F12.net Inc. (“F12”, or the “Company”). Clairvest partnered with the existing management team who will retain the majority of their equity in the business.
F12 is a rapidly expanding leader in managed IT services for Canadian-based small and medium-sized enterprises. F12 distills complex infrastructure, support, cloud, cybersecurity, and software licensing into turnkey service bundles for its clients. This best of breed offering is supported by F12 Connect, a proprietary software tool that delivers a superior client experience relative to the competition. The investment in F12 builds on Clairvest’s 10-year successful investment track record in the IT services industry and represents an exciting opportunity to support the growth strategy of the Company’s entrepreneurial management team.
“We are thrilled with the opportunity to back F12’s management group, all of whom will continue to be significant investors in the Company. This is a leadership team with an ownership mentality, a track record of working collaboratively, and experience building a scalable platform. The future is very bright for F12 and we are excited to support an excellent team on their quest to transform how business technology is delivered,” said Mitch Green, Managing Director at Clairvest.
“F12 is about to embark upon an exciting growth trajectory, and we require an active partner who supports our vision. Clairvest brings much more than capital to this deal. They share our enthusiasm towards the future and have a proven track record of helping organizations like ours succeed,” said Alex Webb, CEO and Founder of F12.
F12 is Clairvest’s 60th platform investment and the fourth investment by CEP VI. The Clairvest / CEP VI co-investment pool is capitalized at US$850 million and focuses on equity investments in growth companies.
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 55 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
marias@clairvest.com