Clairvest Update on Its Investment in Discovery Air Inc.

TORONTO, ON–(Marketwired – March 08, 2017) – In light of recent trading activity in the shares of Discovery Air Inc. (TSX: DA.A), Clairvest Group Inc. (TSX: CVG) announced today that certain investment funds managed by it, together with certain other parties (collectively, the “Purchaser Group”), have made a non-binding proposal to the board of directors of Discovery Air to acquire all of the common shares of Discovery Air not currently controlled by the Purchaser Group (the “Proposed Transaction”).

The Purchaser Group is currently in discussions with a special committee of the board of directors of Discovery Air (the “Special Committee”) regarding the terms of the Proposed Transaction.

While the terms of the Proposed Transaction have not been finalized, the price per common share contemplated by the Proposed Transaction is $0.20. The Purchaser Group has advised the Special Committee that it is not prepared to enter into a transaction at a price per share materially higher than the proposed price and that it has no interest in selling its holdings in Discovery Air. The Purchaser Group owns approximately 86% of Discovery Air’s shares and approximately $110 million of Discovery Air’s secured convertible debentures (representing a significant portion of Discovery Air’s third party debt).

There can be no assurances that the Purchaser Group will reach agreement with the Special Committee regarding a Proposed Transaction, the final terms of any such Proposed Transaction, or that any such Proposed Transaction will be completed.

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.

For further information, please contact:

Maria Klyuev
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753