Clairvest proposes to take Discovery Air private

Clairvest Group Inc. (TSX: CVG) announced today that in light of recent trading activity in the shares of Discovery Air Inc. (TSX: DA.A), certain investment funds managed by it, together with certain other parties, have made a non-binding proposal to the board of directors of Discovery Air to acquire all of the common shares of Discovery Air not currently controlled by the purchaser group.

Clairvest is currently in discussions with a special committee of the board of directors of Discovery Air regarding the terms of the proposed transaction.

Clairvest said it is willing to offer $0.20 per share and is not prepared to enter into a transaction at a price per share materially higher than the proposed price and that it has no interest in selling its holdings in Discovery Air.

Clairvest, Clairvest Equity Partners IV Limited Partnership, Clairvest Equity Partners IV-A Limited Partnership, CEP IV Co‐Investment Limited Partnership, together with interested parties control approximately 86% of Discovery Air’s shares and approximately $110 million of Discovery Air’s secured convertible debentures, representing a significant portion of Discovery Air’s third party debt.

photo credit: Discovery Air

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.