Subjects: ARTS/ENTERTAINMENT, MERGERS AND ACQUISITIONS (M&A)
Clairvest Closes Acquisition of Delaware Park
TORONTO, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) ("CVG") today announced that it, together with Clairvest Equity Partners VI ("CEP VI", collectively "Clairvest") completed its previously announced acquisition of the Delaware Park casino and racetrack ("Delaware Park"). Clairvest invested US$71 million for a majority interest in the business and CVG's portion of the investment is US$19 million.
Delaware Park is a racino located in Wilmington, Delaware, serving the Delaware, Maryland, New Jersey, and Pennsylvania markets. The racetrack opened in 1937 and represents the first racino established in the state. The property offers traditional gaming positions (i.e. slot machines, tables games, poker tables), retail sports betting, iGaming, and live thoroughbred racing.
"The Clairvest team is excited by the growth prospects at Delaware Park. We look forward to partnering with Thomas Benninger, an experienced gaming investor, to continue the stewardship of this unique property," said Michael Wagman, President and a Managing Director of Clairvest Group Inc.
This investment builds on Clairvest's 20-year successful track record in the local gaming industry. Delaware Park is Clairvest's 57th platform investment and 14th investment in the gaming space. The Clairvest / CEP VI co-investment pool is capitalized at US$850 million and focuses on equity investments in growth companies.
About Clairvest
Clairvest's mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.5 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 57 different platform companies and generated top quartile performance over an extended period.
Contact Information
Stephanie Lo
Manager, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
stephaniel@clairvest.com
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