Canadian private equity firm Clairvest Group has agreed to acquire Delaware Park, a casino and racetrack business in Wilmington, Delaware. No financial terms were released for the deal, which is expected to close this year. The seller is the Rickman family. Clairvest’s newly formed subsidiary Rubico Gaming will hold the investment.
TORONTO, Nov. 05, 2021 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) today announces that it, together with Clairvest Equity Partners VI and a newly formed subsidiary of Rubico Gaming LLC, run by experienced gaming investor Thomas Benninger, has agreed to acquire the Delaware Park casino and racetrack business.
Delaware Park is a racino in Wilmington, Delaware serving the Delaware market and parts of the Maryland, New Jersey, and Pennsylvania markets. The property has been owned by the Rickman family since 1983 and consists of over 100,000 square feet of gaming space with slot machines, table games, and poker tables.
The closing of the transaction is subject to, among other things, obtaining regulatory approvals. The parties expect the closing to occur by the end of calendar year 2021.
Upon Closing, this will represent the 30th casino/racino in which Clairvest has held an ownership interest and Clairvest’s 14th platform investment in the gaming industry.
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 56 different platform companies and generated top quartile performance over an extended period.