Clairvest Group Inc. (TSX: CVG) and Discovery Air Inc. (TSX: DA.A) have completed announced plan of arrangement, pursuant to which, among other things, all of the common shares of Discovery Air were acquired by 10123200 Canada Inc., a wholly owned subsidiary of an investment fund managed by Clairvest
10123200 Canada acquired 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 was approximately $1.5 million to minority shareholders.
Clairvest, Clairvest Equity Partners IV Limited Partnership, Clairvest Equity Partners IV-A Limited Partnership, CEP IV Co‐Investment Limited Partnership, controlled 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.
Capital Canada Limited acted as financial advisor to Discovery Air. Stikeman Elliott LLP and Torys LLP acted as legal counsel to Discovery Air and Clairvest respectively.
photo credit: Discovery Air