Clairvest Agrees to Acquire MGM Northfield Park

Executive Summary

• Clairvest Group Inc. (TSX: CVG) and its fund Clairvest Equity Partners VII have entered into a definitive agreement to acquire the operations of MGM Northfield Park from MGM Resorts International for US $546 million in cash.
• Approximately US $165 million of equity will be contributed by CVG, its funds, and co‑investors, giving CVG a direct exposure of roughly 4%–5% of book value post‑transaction.
• Closing is expected in the first half of 2026, subject to Ohio gaming and racing regulatory approvals, antitrust clearance, and other customary conditions.

Key Details

• Purchase Price: US $546 million cash (subject to customary purchase price adjustments).
• Equity Contribution: ~US $165 million from CVG, its managed funds, and co‑investors.
• Ownership Impact: CVG’s direct exposure anticipated at 4%–5% of the combined entity’s book value after closing.
• Asset Description: Northfield Park is a regional racino in Northfield, Ohio with:
• 74,000 sq ft of gaming space
• ~1,600 video lottery terminals
• A half‑mile standardbred harness racetrack
• 10 food & beverage outlets
• An 1,820‑seat entertainment venue
• Strategic Rationale: Marks Clairvest’s 17th investment in the gaming sector, leveraging a 25‑year track record and aiming to expand the racino’s offerings in partnership with VICI.
• Closing Timeline: Expected in H1 2026 pending:
• Ohio gaming and racing regulatory approvals
• Antitrust clearance
• Other customary closing conditions
• Legal Representation:
• Corporate matters – Chapman and Cutler LLP
• Regulatory matters – Duane Morris LLP

Notable Quotes

“We are excited by the growth potential at Northfield Park and remain committed to offering a premier entertainment experience for the local community… We look forward to building a collaborative relationship with our new industry partner, VICI.” – Michael Wagman, President & Managing Director, Clairvest.