PE-backed NovaSource to buy First Solar’s North American O&M unit

NovaSource Power Services, a portfolio company of Canadian private equity firm Clairvest Group, has agreed to acquire the North American operations and maintenance business of First Solar.

NovaSource Power Services, a portfolio company of Canadian private equity firm Clairvest Group, has agreed to acquire the North American operations and maintenance business of First Solar. No financial terms were disclosed. Clairvest, which acquired Austin, Texas-based NovaSource this year, will fund the acquisition through a combination of debt and equity.

PRESS RELEASE

TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) today announced that NovaSource Power Services (“NovaSource” or “the Company”), a portfolio company of Clairvest Group Inc. and Clairvest Equity Partners VI (together, “Clairvest”), entered into an agreement with First Solar, Inc. (NASDAQ: FSLR) to acquire First Solar’s North American operations and maintenance business. The transaction will be funded through a combination of third-party term debt and equity from Clairvest. The proposed transaction is subject to customary closing conditions, including obtaining various consents and regulatory approvals. There can be no assurance that the transaction will be consummated.

About Clairvest
Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.4 billion of capital under management. Clairvest invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in owner-led businesses. Under the current management team, Clairvest has initiated investments in 54 different platform companies and generated top quartile performance over an extended period.