Clairvest to take Discovery Air private for $1.5M

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

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.