Clairvest Group (CVG) and Clairvest Equity Partners VI (Clairvest) have completed the previously announced purchase of the Delaware Park casino and racetrack.
Clairvest invested $71m for a majority interest in the business and CVG’s portion of the investment is $19m.
Located in Wilmington, Delaware Park is a racino (a combination of a racetrack and a casino) that opened in 1937; it was the first racino established in the state, as well as the only casino located in New Castle County (the state’s most populated). The property currently offers traditional gaming (over 2,300 slot machines, table and poker games), retail sports betting, iGaming and live thoroughbred racing.
Michael Wagman, President and one of the Managing Directors of Clairvest Group, commented: “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.”
CVG’s mission is teaming up with entrepreneurs in an effort to help them build strategically significant businesses. It was founded in 1987 by several Canadian entrepreneurs.
The group invests its own capital and that of third parties through Clairvest Equity Partners partnerships in owner-led businesses.
CVG has initiated investments in 57 different platforms companies. The group also owns an undisclosed position in the Meadowlands Racing and Entertainment racetrack and FanDuel sportsbook, as well as several investments in Chilean Gaming Holdings, and the Grey Eagle Resort and Casino in Alberta.