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Light Tower Rentals Completes Recapitalization With New Equity Sponsors

TORONTO, ON--(Marketwired - August 29, 2014) - Clairvest Group Inc. (TSX: CVG) ("CVG"), together with Clairvest Equity Partners III Limited Partnership ("CEP III", collectively "Clairvest"), announced today that Light Tower Rentals ("LTR") finalized its recapitalization by adding a group of institutional equity investors, following a US$330 million bond offering which was announced on July 21, 2014.

The new equity investors will broaden LTR's shareholder base and provide additional access to capital to pursue further growth initiatives. Among the new equity investors are StepStone and Constitution Capital Partners LLC.

As part of the transaction, shareholders of LTR sold 44.2% of their equity for proceeds of US$100 million. After the transaction, where Clairvest received US$49.9 million, Clairvest will continue to own 29.2% of LTR. Consistent with its beneficial ownership, CVG realized 25% of this amount, or US$12.5 million. 

About Clairvest
Clairvest Group Inc. is a private equity management firm that 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.

About StepStone
StepStone is a leading private markets firm that oversees approximately US$60 billion of private capital allocations, including US$10 billion of assets under management. It is a global firm with offices in New York, London, San Diego, Beijing, San Francisco, Hong Kong, São Paulo and Seoul. StepStone creates customized and targeted portfolios for the world's most sophisticated investors using a highly disciplined research-focused approach that integrates primary, secondary, credit and co-investments. StepStone leverages its unique global platform to optimize exposure to top performing investment managers in all strategies and geographies.

Contact Information
Maria Klyuev
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753
mariak@clairvest.com

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