Clairvest to Exit Acera as part of Acera Merger with Navacord

Executive Summary

• Clairvest Group Inc. (TSX: CVG) and its affiliate Clairvest Equity Partners VI have signed an agreement to sell their minority stake in Acera Insurance Services Ltd. as part of Acera’s merger with Navacord Corp.
• The transaction is expected to close in Q1 2026, subject to regulatory, court and shareholder approvals.
• Upon closing, the sale should generate a positive book‑value impact of approximately $4.00 per CVG share over the September 30 2025 carrying value.

Key Details

• Parties Involved: Clairvest Group Inc., Clairvest Equity Partners VI (collectively “Clairvest”), Acera Insurance Services Ltd. (“Acera”), Navacord Corp.
• Transaction Structure: Sale of Clairvest’s minority interest in Acera; equity roll‑over by Acera’s CEO, Chairman/President, executive team and employee shareholders into the merged entity with Navacord.
• Closing Timeline: Expected in the first quarter of calendar 2026.
• Conditions to Closing: Subject to regulatory approvals, court orders, and shareholder consents for both Acera and Navacord.
• Financial Impact on CVG: Anticipated book‑value uplift of ~$4.00 per share relative to the September 30 2025 carrying amount.
• Acera Background: Formed in Sep 2022 via merger/recapitalization of Rogers Insurance and CapriCMW; now one of Canada’s largest independent brokerages with >750 employee shareholders, offering property & casualty and group benefits solutions.
• Performance Under Clairvest Partnership (3‑year): EBITDA grew 70%; completed 24 tuck‑in acquisitions.
• Strategic Rationale: The merger creates a “excellent outcome” for Navacord, Acera, their shareholders, employees, and customers; aligns with Clairvest’s minority‑ownership investment model that retains management control while delivering transformative outcomes.

Notable Quotes

“We are very proud of what has been accomplished over the past three years… we are excited to see the company continue its success in its next chapter with Navacord.” – Mitch Green, Managing Director, Clairvest

“Clairvest has been an instrumental partner from the very beginning… we are grateful for the partnership and proud of what we’ve built together.” – Lee Rogers, CEO, Acera

“Acera is a great example of Clairvest’s entrepreneur‑centric minority ownership investment program… we are excited to build on our success with this model in the insurance domain.” – Ethan Wolfe, Vice President, Clairvest