TORONTO, Sept. 07, 2017 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX:CVG) (“Clairvest”) today announces that it, together with limited partnerships controlled by it, made a growth equity investment in Also Energy, Inc. (“Also Energy” or the “Company”). Clairvest, together with limited partnerships controlled by it have partnered with the existing management team who will retain a significant interest in the business.
Also Energy is a solar monitoring company based in Boulder, Colorado. Also Energy provides software and hardware that enable the monitoring and control of power production and plant operations for commercial, industrial and utility-scale power plants in the United States around the world. The Company was founded by Robert Schaefer, Chief Executive Officer and Holden Caine, Chief Technology Officer who will retain a significant stake in the Company. The opportunity was originated through Clairvest’s domain work in the renewable energy sector.
“Our domain efforts brought us to this exciting company and we have been consistently impressed with this business throughout our diligence. We are committed to support the Company through potential near-term turbulence and we are excited to partner with Robert and Holden to support the next phase of the Company’s growth," said Ken Rotman, Co-CEO of Clairvest.
“Clairvest is an ideal partner to help us continue to grow. We sought to find a supportive partner to provide capital and expertise to fuel our expansion and we have found just that in Clairvest," said Robert Schaefer.
Also Energy is Clairvest’s 49th platform investment and the fifth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.
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.