Clairvest Reports Fiscal 2013 Fourth Quarter and Year-End Results

Clairvest Group Inc. (TSX:CVG) today reported results for the quarter and year
ended March 31, 2013. (All figures are in Canadian dollars unless otherwise
stated)


Highlights



--  March 31, 2013 book value was $349.7 million or $23.12 per share versus
    $22.41 per share at December 31, 2012 and $20.93 per share at March 31,
    2012, an increase of $2.19 per share over the last twelve months. Non-
    restricted cash or near cash represented 49.9% of the March 31, 2013
    book value, or $11.54 per share 
--  Net income for the quarter and for the year was $10.1 million or $0.67
    per share and $35.8 million or $2.36 per share respectively 
--  Clairvest and CEP III realized a combined $79.8 million through the sale
    of PEER 1, a global online IT infrastructure provider, realizing a gain
    of $54.6 million 
--  Centaur Gaming completed the acquisition of Indiana Grand Casino and
    Indiana Downs racetrack. Clairvest, CEP IV, CEP IV-A and co-investors
    invested US$30.4 million in support of the acquisition. In conjunction
    with the acquisition, Centaur Gaming completed a financing where
    Clairvest, CEP IV, CEP IV-A and co-investors received US$91.1 million in
    principal repayments 
--  Clairvest, CEP IV and CEP IV-A invested a combined $39.5 million in CRS,
    an equipment rental company based in Ontario, Canada 
--  Clairvest, CEP IV and CEP IV-A invested a combined US$7.0 million in
    MAG, a U.S.-based specialty aviation and intelligence, surveillance and
    reconnaissance service provider 
--  Subsequent to quarter end, Clairvest, CEP IV and CEP IV-A invested a
    combined US$15.0 million in County Waste of Virginia, a private regional
    solid waste management company based in West Point, Virginia. 
--  Subsequent to quarter end, Clairvest declared an annual ordinary
    dividend of $1.5 million, or $0.10 per share, and a special dividend of
    $2.0 million, or $0.1312 per share



Clairvest's book value was $349.7 million or $23.12 per share at March 31, 2013,
compared with $22.41 per share at December 31, 2012 and $20.93 per share at
March 31, 2012. The increase in book value per share was primarily attributable
to net income for the quarter of $10.1 million, or $0.67 per share. Net income
for the year was $35.8 million or $2.36 per share. 


As previously announced, during the quarter ended March 31, 2013, Clairvest and
CEP III sold their interests in PEER 1 Network Enterprises Inc. ("PEER 1"), a
company which was publicly traded on the TSX under symbol PIX, at a price of
$3.85 in cash per share. Clairvest and CEP III received cash proceeds of $79.8
million from the sale. On the initial combined investment of $25.2 million,
Clairvest and CEP III generated a pre-tax return of 3.2 times invested capital,
or a 40% IRR, over the life of this investment. On closing Clairvest realized
$19.9 million on a $6.3 million investment for a $13.6 million gain, $13.5
million of which had been previously recognized.


As previously announced, during the quarter ended March 31, 2013, Centaur Gaming
completed the acquisition of Indiana Grand Casino and Indiana Downs racetrack
("Indiana Grand"). With the acquisition, Centaur Gaming now owns both Hoosier
Park Racing & Casino and Indiana Grand, the only two racinos in the Indianapolis
region. Clairvest, CEP IV, CEP IV-A and other co-investors (the "investors")
invested US$30.4 million in support of the Indiana Grand acquisition. Prior to
this investment, the investors had an aggregate investment in Centaur Gaming of
US$112.6 million. In conjunction with this transaction, Centaur Gaming completed
a financing which resulted in US$91.0 million in principal repayments to the
investors, bringing net investment by the investors in Centaur Gaming at March
31, 2013 to US$52.0 million. Consistent with its ownership, Clairvest had an
investment in Centaur Gaming of US$36.2 million at December 31, 2012 and
invested an additional US$8.4 million in support of the Indiana Grand
acquisition. Clairvest received total principal repayments of US$30.1 million on
the financing bringing Clairvest's net investment in Centaur Gaming at March 31,
2013 to US$14.5 million. 


As previously announced, during the quarter ended March 31, 2013, Clairvest, CEP
IV and CEP IV-A invested a combined $39.5 million for a 51.9% ownership interest
in CRS Contractors Rental Supply Limited Partnership ("CRS"), a leading provider
of construction equipment rental and related merchandise across 21 locations in
Ontario, Canada. Clairvest's portion of the investment was $10.6 million for a
13.9% ownership interest in CRS.


During the quarter ended March 31, 2013, Clairvest, CEP IV and CEP IV-A invested
a combined US$7.0 million for a 30.0% ownership interest in MAG Defense Services
("MAG"), a U.S.-based specialty aviation and intelligence, surveillance and
reconnaissance service provider. Clairvest's portion of the investment was $1.9
million for an 8.0% ownership interest.


"This was a very active quarter for Clairvest. Our proactive investment approach
created three new opportunities and deployed over $90 million of capital to new
and existing investments," said Jeff Parr, Co-Chief Executive Officer and
Managing Director of Clairvest "The returns achieved on the recent sale of PEER
1 and the continued progress of the portfolio are a tribute to our proven
investment strategy of creating intrinsic value within our portfolio companies.
We are pleased with the growth in book value over the last year and will
continue to apply our rigorous standards in identifying, qualifying and closing
on new investment opportunities."


Subsequent to quarter end, Clairvest, CEP IV and CEP-IV-A invested a combined
US$15.0 million for an 46.9% ownership interest in County Waste of Virginia, LLC
("County Waste"), a private regional solid waste management company based in
West Point, Virginia. Clairvest's portion of the investment was US$4.1 million
for a 12.5% ownership in County Waste.


Subsequent to quarter end, Clairvest declared an annual ordinary dividend of
$0.10 per share and a special dividend of $0.1312 per share, such that in
aggregate, the dividends represent 1% of the March 31, 2013 book value. Both
dividends will be payable July 26, 2013 to common shareholders of record as of
July 9, 2013 and are eligible dividends for Canadian income tax purposes.


Summary of Financial Results - Unaudited



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Financial Performance Measures              Quarters ended        Year ended
                                                  March 31          March 31
                                        ------------------------------------
                                            2013      2012     2013     2012
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($000's, except per share amounts)             $         $        $        $
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Net realized gains (losses) on corporate                                    
 investments                                (377)       44    9,009      545
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Net changes in unrealized gains on                                          
 corporate investments                     9,009     6,404    4,598   16,590
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Net income                                10,111     5,348   35,763   22,416
----------------------------------------------------------------------------
Basic net income per share                  0.67      0.35     2.36     1.46
----------------------------------------------------------------------------
Fully diluted net income per share          0.66      0.34     2.32     1.43
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Financial Condition Measures                                  March   March 
                                                               2013     2012
----------------------------------------------------------------------------
($000's, except per share amounts)                                $        $
----------------------------------------------------------------------------
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Total assets                                                378,936  338,424
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Total cash, cash equivalents and temporary investments(1)   174,513   97,553
----------------------------------------------------------------------------
Total corporate investments                                 176,390  187,876
----------------------------------------------------------------------------
Total liabilities                                            29,248   21,997
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Book value                                                  349,688  316,427
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Book value per share                                          23.12    20.93
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(1)  Excludes restricted temporary investments                              



Clairvest's annual 2013 financial statements and MD&A are available on the SEDAR
website at www.sedar.com and on the Clairvest website at www.clairvest.com.


About Clairvest 

Clairvest Group Inc. is a private equity investor which invests its own capital,
and that of third parties through the Clairvest Equity Partners ("CEP") limited
partnerships, in businesses that have the potential to generate superior
returns. In addition to providing financing, Clairvest contributes strategic
expertise and execution ability to support the growth and development of its
investee partners. Clairvest realizes value through investment returns and the
eventual disposition of its investments. 


Forward-looking Statements 

This 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, its
CEP limited partnerships and their investments to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include general and economic business
conditions and regulatory risks. 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Clairvest Group Inc.
Maria Klyuev
Director, Investor Relations and Marketing
(416) 925-9270
(416) 925-5753 (FAX)
mariak@clairvest.com
www.clairvest.com
MAG Silver (TSX:MAG)
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