Clairvest to acquire Discovery Air shares

Discovery Air Inc. (TSX:DA.A, DA.DB.A) and Clairvest Group Inc. (TSX:CVG) have entered into a definitive agreement which will result in Clairvest, along with certain management shareholders of the corporation, acquiring all the issued and outstanding shares in Discovery Air, the companies said.

Clairvest will indirectly acquire all of the issued and outstanding Class A and Class B shares of Discovery Air not already held by the purchaser group for USD 0.20 per share. The total transaction cash consideration is approximately USD 1.5m.

The members of the purchaser group, acting jointly and in concert, currently own over 90% of Discovery Air shares.

The arrangement will provide Discovery Air with liquidity and enhance its ability to meet future financing needs. It will not result in a change in the effective control of the company.

Discovery Air provides specialty aviation services. The company delivers air combat training, medevac equipped aircraft services, air charter services, helicopter operations, and transport and logistics support.

Clairvest Group 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, the firm contributes strategic expertise and execution ability to support the growth and development of its investee partners.