Clairvest announces successful recapitalization of F12.net

On December 12, 2025, Clairvest Group Inc. (TSX: CVG) announced a successful recapitalization of F12.net, a leading Canadian managed service provider. Clairvest, along with Clairvest Equity Partners VI, sold its interests in F12 to a prominent middle-market private equity firm, which will enable the company to pursue new growth opportunities. This transaction also saw significant equity reinvestment from existing shareholders and the executive team, notably Founder and CEO Alex Webb.

Since its partnership with Clairvest in November 2020, F12 has experienced remarkable growth, expanding its revenues over 2.5 times and EBITDA by more than 3.5 times. This impressive performance was achieved through strategic organic growth and complementary acquisitions, underscoring F12's commitment to service delivery excellence. The company currently supports over 20,000 users throughout Canada via its proprietary platform, F12 Connect.

Following the transaction, Clairvest received approximately CAD$163 million in sale proceeds, amounting to around CAD$44 million for CVG. On a constant currency basis, this translates to a 4.6x return on the capital invested and an internal rate of return (IRR) of 35%. The sale will enhance Clairvest's book value by approximately CAD$1.50 per share as of September 30, 2025.

Mitch Green, Managing Director at Clairvest, expressed pride in F12’s achievements and the strong leadership of Alex Webb, while Webb highlighted the successful partnership that led to significant milestones and industry-leading key performance indicators (KPIs). As F12 embarks on its next growth phase, the collaboration between Clairvest and F12 serves as an exemplary model for effective private equity investment in the technology services sector.

The recent announcement by Clairvest Group Inc. regarding the successful recapitalization of F12.net is a significant event in the Canadian technology services sector. This development marks Clairvest's capacity to drive substantial value creation in its portfolio, indicating healthy market dynamics and robust growth potential within the sector.

From a market perspective, investors should view Clairvest’s strong exit from F12 as a testament to its strategic investment approach. The reported 4.6x multiple on capital invested and an impressive IRR of 35% not only highlight Clairvest's expertise in selecting high-potential companies but also illustrate F12’s compelling business model and operational scalability. With F12’s revenue growth exceeding 250% and a more than 350% increase in EBITDA since 2020, it’s clear that managed service providers (MSPs) are playing a crucial role in enabling SMBs to navigate technological complexities.

Investors may wish to consider increasing their exposure to sectors aligned with technology services, particularly those serving small and medium-sized enterprises. The decision by a leading middle-market private equity firm to invest in F12 underscores a belief in continued growth and market opportunities. Furthermore, F12's proprietary platform, F12 Connect, which caters to a broad user base, positions it well against competitors, potentially reinforcing its market leadership.

Looking ahead, investors should monitor F12’s next phase of growth under its new investment structure. The commitment from existing shareholders and the management team bodes well for stability and operational continuity. Clairvest’s history of successful realizations in the tech sector adds an element of credibility, suggesting that further positive developments could unfold. Overall, this is an opportune moment for investors to reassess their positions within this evolving landscape in managed technology services.