Clairvest Reports Fiscal 2026 First Quarter Results

Executive Summary

• Clairvest Group Inc. reported fiscal 2026 first-quarter results ended June 30, 2025, recording net income of $21.3 million ($1.51 per share), driven by a net increase in the valuation of its private equity investment portfolio.
• Book value increased to $1,260 million ($88.94 per share) from $1,252 million ($88.30 per share) at the end of the previous quarter.
• The company executed three significant investments totaling $43 million during the quarter, including new platform investments in NCS Engineers and Beneficial Reuse Management, and a follow-on investment in Acera Insurance Services.

Key Details

• Financial Performance:
  • Net income for the quarter ended June 30, 2025: $21.3 million ($1.51 per share).
  • Net investment gain: $35,982,000 (compared to $20,112,000 in Q1 2025).
  • Total expenses (excluding income taxes): $24,998,000 (compared to $11,958,000 in Q1 2025).
  • Book value per share: $88.94 (June 30, 2025) vs. $88.30 (March 31, 2025).
  • Total assets: $1,447,210,000.
  • Total liabilities: $187,31,000.
  • Cash, cash equivalents, and temporary investments (excluding marketable securities): $201 million (Clairvest) + $120 million (acquisition entities) = $321 million total available cash.
• Investment Activity:
  • NCS Engineers: In April 2025, Clairvest and CEP VII made a US$22.4 million (C$32.1 million) minority equity investment. Clairvest’s portion was US$5.6 million (C$8.0 million). NCS provides turn-key water and wastewater engineering solutions.
  • Acera Insurance Services: In April 2025, Clairvest and CEP VI made a $35.5 million follow-on investment. Clairvest’s portion was $9.6 million.
  • Beneficial Reuse Management: In May 2025, Clairvest and CEP VII made a US$72.5 million (C$100.6 million) equity investment. Clairvest’s portion was US$18.1 million (C$25.1 million). The company converts industrial waste into value-add products for agriculture, landscape, and construction markets.
  • Share Buybacks: Purchased and cancelled 8,100 common shares at an average price of $69.09/share, totaling $0.6 million.
• Dividends:
  • Subsequent to quarter-end, Clairvest paid an annual ordinary dividend of $0.10 per share and a special dividend of $0.7830 per share (total $0.8830 per share).
  • Payment date: July 25, 2025.
  • Record date: July 4, 2025.
  • The dividends represent 1% of the March 31, 2025 book value.

Notable Quotes

• “I am pleased with our strong start to the year, having completed two platform investments for CEP VII in the first quarter. One investment builds on nearly two decades of experience in the environmental services sector, while the other marks our inaugural partnership in the engineering industry – an area we’ve been actively pursuing for several years. In both cases, we are partnering with highly aligned management teams who share our ambition to pursue aggressive growth and build strategically significant businesses. These partnerships reflect our continued commitment to investing with discipline and conviction in sectors we know well,” said Ken Rotman, CEO of Clairvest.