Clairvest Sells PEER 1 Network Enterprises to Cogeco
February 01, 2013
Canadian PE firm Clairvest Group has sold PEER 1 Network Enterprises to Cogeco Cable (TSX: CCA). The transaction values the company's equity at approximately $526 million. Based in Vancouver, Canada, PEER 1 provides IT hosting services through 19 data centers and 21 points-of-presence throughout North America and Europe. Clairvest disclosed a 40% IRR and a 3.2x return on invested capital with the sale after investing $25.2 million in August 2009. Since that investment, the company completed the construction of two flagship centers in Toronto and the U.K., significantly invested in its human capital and physical infrastructure and made an acquisition. Clairvest, which made the investment through its Equity Partners III fund, invests in a wide array of industries, targeting companies with strong track records of growth.