Clairvest announces successful recapitalization of F12.net

Executive Summary

• Clairvest Group Inc. and its affiliate sold their interests in F12.net, generating total proceeds of approximately CAD $207 million (CAD $163 m for Clairvest and CAD $44 m for CVG).
• The transaction delivers a 4.6× multiple on capital invested and an IRR of ~35% for Clairvest, and adds roughly $1.50 per share to CVG’s book value as of September 30 2025.
• The sale marks Clairvest’s third successful exit in the Canadian technology‑services sector, following prior realizations in Meriplex Communications and Peer 1 Networks.

Key Details

• Transaction Parties: Clairvest Group Inc. (TSX: CVG) together with Clairvest Equity Partners VI sold their stakes in F12.net to a leading middle‑market growth‑oriented private‑equity firm, with additional equity reinvestment from existing F12 shareholders and the executive team, including Founder & CEO Alex Webb.
• Proceeds: Approx. CAD $163 million allocated to Clairvest; CVG’s share of proceeds is CAD $44 million.
• Investment Returns: On a constant‑currency basis, the sale represents a 4.6× multiple on capital invested and an internal rate of return (IRR) of ~35% for Clairvest.
• Impact on CVG: Increases CVG’s book value by roughly $1.50 per share relative to its September 30 2025 carrying amount.
• Historical Performance: Over the five‑year partnership, F12 grew revenue >2.5× and EBITDA >3.5× through organic growth and acquisitions.
• Prior Exits: This is Clairvest’s third technology‑services sector realization (previously Meriplex Communications at 7.8× MOIC and Peer 1 Networks at 3.2× MOIC).

Notable Quotes

“From the outset, we were drawn to F12’s relentless focus on service delivery… We are proud to have supported Alex and the broader management team and congratulate them on this milestone as F12 enters its next phase of growth,” – Mitch Green, Managing Director, Clairvest.

“I am excited to begin our next chapter of growth as we continue raising the bar for service delivery across Canada,” – Alex Webb, Founder & CEO, F12.