Clairvest Q4 Net Income Widens
Net unrealized gains on corporate investments were C$9.33m for the fourth quarter of 2011, compared to C$1.15m for the same period in 2010.
For the fiscal year ended March 31, 2011, net income was C$19.56m, compared to C$8.49m for the same period in 2010. Net unrealized gains on corporate investments were C$16.24m, compared to C$7.88m for the same period in 2010.
Subsequent to quarter end, Clairvest and CEP III realized $70m through the sale of Hudson Valley Waste, a regional solid waste company in the Northeastern US.
Jeff Parr, Co-CEO and managing director of Clairvest Group, said: â€œWe did not exit any investments during the downturn as transaction multiples were depressed. Instead, we took advantage of compelling valuations to make investments and supported our portfolio companies in making tuck-in acquisitions and infrastructure investments.
â€œWith the recovery of the M&A environment, we have re-opened our minds to exit opportunities, and exited two investments since the beginning of the calendar year. On these two realizations, we were able to achieve returns superior to that of public market comparables, which we attribute to our approach of providing patient growth capital and helping portfolio companies in becoming strategically significant and attractive targets.â€
Clairvest Group is a private equity management firm which invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, it also contributes strategic expertise and execution ability to support the growth and development of its investee partners.
Will the firm further increase net income in Q1?
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