TORONTO, Ontario — February 11, 2026 — Leads & Copy — Clairvest Group Inc. (TSX: CVG) reported its fiscal 2026 third-quarter results, showing a rise in book value and net income, driven by investment realizations. The period ended December 31, 2025.
Book value reached $1,255 million, or $91.66 per share, up 9% from $1,154 million, or $83.92 per share, on September 30, 2025. Net income for the quarter was $105.1 million, or $7.65 per share, primarily from two investment sales. Net income for the nine months ending December 31, 2025, totaled $49.7 million, or $3.74 per share.
Clairvest and Clairvest Equity Partners VI (CEP VI) completed the sale of their stake in F12.net, achieving a 4.6x return on invested capital. They also agreed to sell their interest in Acera Insurance Services Ltd. (Acera Insurance), which closed after the quarter and resulted in a 3.0x multiple on invested capital.
Additionally, Clairvest and Clairvest Equity Partners VII (CEP VII) agreed to acquire MGM Northfield Park (Northfield Park), a regional racino in Northfield, Ohio, from MGM Resorts International (NYSE: MGM). During the quarter, Clairvest repurchased 60,500 shares for $4.3 million.
The sale of F12.net generated $164 million in proceeds, with Clairvest’s portion at $44.1 million, compared to a carrying value of $23.2 million as of September 30, 2025. The Acera Insurance sale provided $325 million in cash and an $81.5 million promissory note, with Clairvest’s share being $87.9 million in cash and $22.1 million of the note. The carrying value as of December 31, 2025, was $107 million, up from $53 million on September 30, 2025.
The acquisition of Northfield Park from MGM is valued at US$546 million in cash, pending regulatory approvals. Clairvest, CEP VII, and co-investors plan to invest around US$165 million in equity, with Clairvest’s share approximately 25%. A US$41 million escrow account has been funded.
For the nine months ended December 31, 2025, net income was $49.7 million, or $3.74 per share, which includes a $128 million write-down of Head Digital Works from the second quarter of fiscal 2026.
As of December 31, 2025, Clairvest reported $217 million in cash, cash equivalents, and temporary investments, excluding marketable securities. Acquisition entities held an additional $119 million, bringing total available cash to $336 million, representing 27% of the book value or about $25 per share.
CEO Ken Rotman acknowledged the passing of Lionel Schipper, a founding board member and advisor, highlighting his 39-year contribution to the company.
Clairvest’s financial statements and MD&A for the third quarter of fiscal 2026 are available on SEDAR and the company’s website.
Clairvest, founded in 1987, manages over CAD $4.5 billion in capital, partnering with entrepreneurs to build strategically significant businesses.
Source: Clairvest Group Inc.
