Clairvest Group Inc. (CVTGF,CVG.TO), a private equity firm that manages Clairvest Equity Partners VII, a fund that co-invests together, on Thursday announced an agreement to acquire the operations of MGM Northfield Park from MGM Resorts International (MGM) for $546 million in cash.
The transaction is expected to close in the first half of 2026.
The company said it aims to build on MGM's foundation and expand the racino in partnership with VICI.
Clairvest and its co-investors will invest about $165 million in equity, with its direct exposure representing 4% to 5% of book value.
The deal marks its 17th investment in the gaming sector.
Northfield Park is a regional racino in Northfield, Ohio, serving the Cleveland and Akron areas, featuring 74,000 square feet of gaming space with around 1,600 video lottery terminals, a harness racetrack, 10 dining outlets, and a 1,820-seat entertainment venue.
In the pre-market trading, MGM Resorts International is 1.71% higher at $32.73 on the New York Stock Exchange.
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