Clairvest Update on Digital Media Solutions
April 23 2020 - 8:36AM
Clairvest Group Inc. (TSX: CVG) today announced that Digital Media
Solutions Holdings, LLC (“DMS”), a portfolio company of Clairvest
Group Inc. and Clairvest Equity Partners V (collectively,
“Clairvest”), has entered into an agreement to combine with Leo
Holdings Corp. (NYSE: LHC) (“Leo”), a publicly traded special
purpose acquisition company. Immediately following the closing of
the proposed transaction, Leo intends to change its name to Digital
Media Solutions, Inc. (“New DMS”). The current DMS executive
management team will continue to lead New DMS, which is expected to
trade on the New York Stock Exchange.
Should the transaction close on contemplated
terms, Clairvest will receive cash proceeds in the transaction but
will also retain a significant continuing equity interest in New
DMS. Clairvest’s percentage ownership is dependent upon the number
of Leo Class A ordinary shares that are redeemed by Leo’s public
shareholders in connection with the proposed transaction. Clairvest
will continue to have representation on the New DMS board of
directors.
Clairvest’s and the DMS management team’s
obligation to consummate the transaction is subject to, among other
things, the delivery by Leo of a minimum cash amount. There can be
no assurance that the transaction will be consummated.
About ClairvestClairvest’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 51 different platform
companies.
Forward-looking StatementsThis
news release contains forward-looking statements with respect to
Clairvest Group Inc., its subsidiaries, its CEP limited
partnerships and their investments. These statements are based on
current expectations and are subject to known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Clairvest, its subsidiaries, it CEP
limited partnerships and their investments to be materially
different from any future results, performance or achievements
expressed or implied in such forward-looking statements. Such
factors include general and economic business conditions and
regulatory risks and the risk that the transaction will not yield
sufficient cash proceeds for Clairvest and its management partners
at DMS. Clairvest is under no obligation to update any
forward-looking statements contained herein should material facts
change due to new information, future events or otherwise.
Clairvest Contact
InformationMaria Shkolnik Director, Investor Relations and
MarketingClairvest Group Inc.Tel: (416) 925-9270 | Fax: (416)
925-5753marias@clairvest.com
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