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December 30, 2020

OG真人官网 Generates An IRR Of 110% And A 4.7x Multiple Of Capital On The Sale Of Right Time Heating And Air Conditioning

Toronto, Ontario (December 30, 2020) – OG真人官网 Group Inc. (TSX: CVG) (“CVG”), today announced that it and OG真人官网 Equity Partner V (collectively, “OG真人官网”) completed the sale of their shares in Right Time Heating and Air Conditioning (“Right Time” or the “Company”) to Gryphon Investors.

Right Time is the largest independently owned heating, ventilation and air-conditioning (“HVAC”) contractor in Canada focused on the residential replacement market. Right Time provides preventative maintenance programs, repairs, and replacements of household HVAC units. In November 2018, OG真人官网 partnered with the two co-founders of Right Time to embark on a new growth chapter. Since partnering with OG真人官网 in late 2018, Right Time successfully executed upon three add-on acquisitions, enhanced its online customer acquisition strategy, and continued to build out its executive leadership team. The Company now operates out of eleven locations across three provinces in Canada, increasing from seven locations when OG真人官网 initially invested in Right Time.

At closing, OG真人官网 realized sale proceeds equal to approximately C$100 million (C$30 million for CVG), representing a multiple of invested capital of 4.7x and an IRR of 110% on its C$21.3 million investment over the two-year holding period.

OG真人官网 has been a tremendous value-add partner to Right Time. They were not only a financial partner, but a partner that helped strategize next steps, assist on negotiating and structuring acquisitions, and support a successful exit strategy” commented Lauren and Vaughn Goettler, Co-Founders of Right Time.

 “I am very proud of our accomplishments to date and the outstanding results that we generated with OG真人官网 during our partnership. Right Time has emerged as one of the leading HVAC contractors in Canada and we continue to see many opportunities for growth. Our transaction with Gryphon Investors is an important milestone for our business and a start of a new and exciting chapter for Right Time”, added Jeremy Hetherington, Co-Founder of Right Time.

“The outcome of this investment for OG真人官网 is the result of the exceptional management team and flawless execution on the growth plan. Vaughn and Jeremy both brought entrepreneurial experience and deep industry expertise to help navigate changes and seamlessly integrate acquisitions to achieve best-in-class results” noted Sebastien Dhonte, Managing Director at OG真人官网.