Clairvest Group Inc.
TSX : CVG

July 29, 2011 16:23 ET

Clairvest's Grey Eagle Casino Completes Recapitalization Enabling Repatriation of Investment

TORONTO, ONTARIO--(Marketwire - July 29, 2011) - Clairvest Group Inc.("Clairvest") (TSX:CVG) and Clairvest Equity Partners Limited Partnership ("CEP") today announced that Tsuu T'ina Gaming Limited Partnership ("Tsuu T'ina"), the entity that owns the Grey Eagle Casino, completed a financing that enabled Tsuu T'ina to repay in full its debentures plus accrued interest totaling $31.1 million owing to Clairvest and CEP. The Grey Eagle Casino is located on Tsuu T'ina First Nation reserve lands, southwest of the City of Calgary, Alberta. Consistent with its ownership, Clairvest received 25% of this amount, or $7.8 million, the same as the March 31, 2011 carrying value for the debenture investment.

Clairvest and CEP continue to hold equity participation interests in Tsuu T'ina providing entitlements to earnings of the Grey Eagle Casino until December 18, 2022.

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.

Contact Information

  • Clairvest Group Inc.
    Daniel Cheng
    Chief Financial Officer
    (416) 925-9270
    (416) 925-5753 (FAX)
    danielc@clairvest.com