TORONTO, Oct. 16, 2025 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX:CVG) ("CVG") today announced that it, together with Clairvest Equity Partners VII ("CEP VII", collectively "Clairvest"), has entered into an agreement to acquire the operations of MGM Northfield Park ("Northfield Park") from MGM Resorts International (NYSE:MGM) for US$546 million in cash, subject to customary purchase price adjustments.
CVG, funds managed by it, and co-investors are expected to invest approximately US$165 million in equity in connection with the transaction. CVG's direct exposure is expected to represent between 4% and 5% of book value based on current estimates. This transaction would represent Clairvest's 17th investment in the gaming sector, building on Clairvest's 25-year track record of successful investing in the gaming industry.
Northfield Park is a regional racino in Northfield, Ohio, principally serving the Cleveland and Akron populations. The property encompasses 74,000 square feet of gaming space which includes ~1,600 video lottery terminals, a half-mile standardbred (harness) racetrack, 10 food and beverage outlets, and an 1,820-seat entertainment venue.
"We are excited by the growth potential at Northfield Park and remain committed to offering a premier entertainment experience for the local community. As we look ahead, we intend to build on the strong foundation laid by MGM and guide the continued expansion of the racino in the coming years. We are looking forward to building a collaborative relationship with our new industry partner, VICI," said Michael Wagman, President and Managing Director of Clairvest.
The closing of the transaction is subject to the receipt of Ohio gaming and racing regulatory approvals, anti-trust clearance and other customary closing conditions. The parties expect closing to occur in the first half of 2026.
Clairvest was represented by Chapman and Cutler LLP for corporate matters and Duane Morris LLP for regulatory matters.
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 $4.6 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 70 different platform companies and generated top quartile performance over an extended period.
Forward-looking Statements
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, its 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 Northfield 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.
Contact Information
Stephanie Lo
Director of Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
[email protected]
