TORONTO, Nov. 05, 2021 (Globalrelease Wire) — 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.
This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, it CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Such factors include general and economic business conditions and regulatory risks which could impact completion of the Delaware Park transaction. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Manager, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270