Clairvest to take Discovery Air private for $1.5M

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By Ted Liu

Clairvest Group Inc. (TSX: CVG) and Discovery Air Inc. (TSX: DA.A) have entered into a definitive agreement pursuant to which Clairvest, along with certain management shareholders, will acquire all the issued and outstanding shares of Discovery Air.

Clairvest will indirectly acquire all of the issued and outstanding Class A shares and Class B shares of Discovery Air not already owned for $0.20 per share. The total transaction consideration is approximately $1.5 million.

Clairvest, Clairvest Equity Partners IV Limited Partnership, Clairvest Equity Partners IV-A Limited Partnership, CEP IV Co‐Investment Limited Partnership, 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