Clairvest Invests in Discovery Air Inc.

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2011) - Clairvest Group Inc. (TSX:CVG) ("Clairvest"), Clairvest Equity Partners IV Limited Partnership and Clairvest Equity Partners IV-A Limited Partnership (collectively, "CEP IV") and related funds announced today the closing of a $70-million investment in Discovery Air Inc. (TSX:DA) ("Discovery Air"). The investment will be allocated $22-million to Clairvest with the balance to funds managed by Clairvest and co-investors.

Discovery Air is a specialty aviation services company operating across Canada and in select locations internationally. The company is a leader in the markets it serves. Its principal customers are government agencies and natural resource companies.

The investment is being made by way of secured convertible debentures (the "Debentures"). Interest on the Debentures will accrue at a rate of 10% per annum. The Debentures and the accrued interest are convertible into 93,333,340 common shares. After giving effect to the issuance of Debentures, Clairvest, its affiliates and funds managed by Clairvest, together with its co-investors (who may be considered "joint actors" under National Instrument 62-103), will hold 595,207 common shares and $70,000,005 of Debentures, representing in aggregate 64.5% of Discovery Air's current issued and outstanding shares and, on an "as converted" basis, 32.8% of Discovery Air's issued and outstanding shares.

"We have been closely following Discovery Air and its management for many years, commencing in 2005 when our affiliate, Wellington Financial, financed fighter jets for Top Aces, Discovery Air's subsidiary serving the Canadian Department of National Defence. We see in Discovery Air an undervalued company with significant market share in its various market verticals, strong management and tremendous expansion opportunities. We look forward to a long and positive association with the company and assisting them, in any way we can, with their growth initiatives. The management own a very significant share of the company making this deal well aligned with our strategy of backing owner operators," said Ken Rotman, Co-CEO and Managing Director of Clairvest.

Discovery Air is Clairvest's 35th platform investment and the third investment by CEP IV. The Clairvest/CEP IV co-investment pool is capitalized at $467 million and makes equity investments in growth companies.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

About Clairvest

Clairvest Group Inc. is a private equity management firm which invests its own capital, and that of third parties through the Clairvest Equity Partners 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.