Press Release: CRS - CONTRACTORS RENTAL SUPPLY : Clairvest Agrees to Sell CRS

TORONTO, July 19, 2017 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX:CVG) ("CVG"), together with Clairvest Equity Partners IV Limited Partnership ("CEP IV", collectively "Clairvest"), announced today that the unitholders of CRS Contractors Rental Supply Limited Partnership ("CRS") have entered into an agreement to sell CRS to Sunbelt Rentals ("Sunbelt"), the North American business of Ashtead Group plc. The transaction price is C$275 million plus a potential earn out. CRS is Sunbelt's first acquisition in Eastern Canada. CVG's proceeds on the sale of CRS are expected to be approximately C$31.7 million, compared to the carrying value of C$28.8 million as at March 31, 2017.