CORRECTION -- Clairvest & West Face Capital Announce Proposed Sale of Centaur Gaming

CORRECTION -- Clairvest & West Face Capital Announce Proposed Sale of Centaur Gaming

TORONTO, Nov. 17, 2017 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX:CVG) (?CVG?), together with Clairvest Equity Partners IV (?CEP IV?, collectively ?Clairvest?), and West Face Capital Inc. (?West Face?) announced today that Centaur Holdings, LLC (?Centaur Gaming? or the ?Company?) has entered into an agreement to be acquired by Caesars Entertainment Corporation. Centaur Gaming is the owner and operator of the Hoosier Park Racing and Casino (?Hoosier Park?) based in Anderson, Indiana, and the Indiana Grand Racing and Casino (?Indiana Grand?) based in Shelbyville, Indiana.

Clairvest and funds advised by West Face initially invested jointly in Centaur Gaming in 2010 through the purchase of debt securities in Hoosier Park's parent corporation at the time. The Company was restructured and West Face and Clairvest and their affiliates have a material interest in the unsecured term loans of the Company. Centaur Gaming would later acquire Indiana Grand.

The proposed transaction is subject to regulatory approvals and is expected to close during the first half of 2018.

Should the transaction close on anticipated terms, the sale of Centaur Gaming is expected to increase Clairvest's book value by approximately $3 per share from the September 30, 2017 book value per share of $37.89. The increase reflects the impact of carried interest from CEP IV and management participation entitlements.

Details of the proposed transaction are contained in the news release issued today by Caesars Entertainment Corporation, which is appended to this release.

A PDF accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1507cd1f-1ec8-4b46-b58d-e6b809623012

About Clairvest
Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

About West Face
West Face Capital Inc. is one of Canada's leading alternative investment managers combining control-through-distressed, high-yield, negotiated finance, proactive equity, and private equity activities. West Face's capabilities are underpinned by a seasoned multi-disciplinary investment team, proprietary origination channels, deep sector expertise, and the ability to address investment targets in domestic and international markets.

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