Clairvest Agrees To Acquire MGM Northfield Park

Harness racing at Northfield Park

Clairvest Group Inc. (CVG) announced on Thursday, Oct. 16 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 from MGM Resorts International for $546 million USD in cash, subject to customary purchase price adjustments.

CVG, funds managed by it, and co-investors are expected to invest approximately $165 million USD in equity in connection with the transaction. CVG’s direct exposure is expected to represent between four per cent and five per cent 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," said Michael Wagman, President and Managing Director of Clairvest. "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.”

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.

The Northfield Park investment is Clairvest’s 70th platform investment and the third investment of CEP VII, a $1.2 billion USD investment pool, $300 million USD of which is from CVG.

(Clairvest Group Inc.)

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