Clairvest invests $71m to acquire majority of Delaware Park

Delaware Park is Clairvest’s 14th investment in the gaming industry.

Canadian private equity firm Clairvest Group has closed its acquisition of Delaware Park, a casino and racetrack business in Wilmington, Delaware. Clairvest said it invested $71 million for a majority interest. The seller was the Rickman family. Delaware Park is Clairvest’s 14th investment in the gaming industry.

PRESS RELEASE

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.