Clairvest closes merger between Acera, Navacord

Executive Summary

• Clairvest Group Inc. and Clairvest Equity Partners VI have closed the merger between Acera Insurance Services Ltd. and Navacord Corp., resulting in Clairvest's full exit from its investment in Acera.
• The transaction generated gross proceeds of approximately $407 million, with Clairvest’s specific share amounting to $110 million.
• The sale is expected to positively impact Clairvest’s book value per share by approximately $4 compared to the carrying value as of September 30, 2025.

Key Details

• Transaction Structure: Merger between Acera Insurance Services Ltd. and Navacord Corp.
• Gross Proceeds: Approximately $407 million total.
• Clairvest Proceeds: $110 million.
• Payment Terms: 80% in cash and 20% in a promissory note payable over 24 months.
• Investment Exit: Clairvest has fully exited its investment in Acera.
• Management Roll-over: Acera’s CEO Lee Rogers, Chairman/Executive VP Andrew Kemp, the executive team, and employee shareholders rolled a significant portion of their equity into the combined entity.
• Financial Impact: Positive impact on Clairvest’s book value per share of approximately $4 relative to the carrying value as at Sept. 30, 2025.

Notable Quotes

• "Clairvest's partnership with Acera underscores the strength of its minority investment approach, which has generated consistent, strong performance over the past 38 years."