Vitruvian acquires majority of Meriplex, Clairvest sells portion of stake

• At closing, Clairvest’s portion of the cash proceeds are approximately US$160 million
• Clairvest will continue to own approximately 18 percent of Meriplex after the transaction
• Q Advisors acted as financial advisor to Meriplex

Clairvest Group has sold most of its interest in Meriplex Communications to Vitruvian Partners, which acquired a majority stake in the company. No financial terms were disclosed.

Meriplex is a managed IT, cybersecurity, and network services provider focusing on SMB and mid-market enterprises throughout the U.S.

At closing, Clairvest’s portion of the cash proceeds are approximately US$160 million ($48 million for CVG). Clairvest will continue to own approximately 18 percent of Meriplex after the transaction. The sale is expected to have a positive impact on Clairvest’s book value per share by approximately $1 over the carrying value as at March 31, 2022.

“We are incredibly proud of the Meriplex team. They successfully executed an aggressive growth plan and matured the business into a national player,” says Mitch Green, Managing Director at Clairvest, in a transaction. “We are thrilled to reinvest a meaningful equity stake into the transaction along with our management partners and welcome Vitruvian, whom we believe will be a great partner for this next stage of growth.”

Q Advisors, a global TMT investment banking boutique, acted as financial advisor to Meriplex in connection with the transaction. Torys LLP acted as legal advisor to Meriplex.

Clairvest was founded in 1987 by a group of successful Canadian entrepreneurs. It oversees more than C$3.2 billion of capital.