Clairvest Partners with ECL Entertainment to Acquire Wyoming Downs
TORONTO, May 17, 2024 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced that it, together with Clairvest Equity Partners VI (“CEP VI”, collectively “Clairvest”) and ECL Entertainment, LLC (“ECL”), have acquired Wyoming Downs, a licensed live horse racing and off-track betting (“OTB”) operator in Wyoming (which includes historical horse racing (“HHR”) and simulcast). ECL is a seasoned owner-operator of multiple HHR gaming assets in Kentucky. This represents Clairvest’s second partnership with ECL Entertainment in the HHR space.
Wyoming Downs began live racing operations in the 1980s at its owned racetrack in Evanston, Wyoming and began operating OTBs (which include HHR terminals) in 2013. The operations consist of 19 OTB locations with over 1,100 gaming terminals across the state. Wyoming Downs is one of three operators that are permitted to offer HHR throughout the state of Wyoming.
“We are thrilled to embark on our second partnership with ECL. Wyoming Downs is a compelling entertainment option, and we believe it will simultaneously support the local community and equine industry positively,” said Michael Wagman, President and Managing Director of Clairvest.
“We look forward to building upon Wyoming Downs’ success to date and will continue enhancing the offering across the state over the next few years with the Clairvest team. The horse racing and HHR gaming operations in Wyoming have great potential, and we are excited to bring our collective horse racing and HHR experience to the Cowboy State,” said ECL’s co-managing partners Marc Falcone and Ron Winchell.
The Wyoming Downs investment is Clairvest’s 66th platform investment and 15th and final investment in the Clairvest / CEP VI co-investment pool which is capitalized at US$850 million. This transaction represents Clairvest’s 16th investment in the gaming space, building on Clairvest’s 24-year successful track record in the gaming industry.
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 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 66 different platform companies and generated top quartile performance over an extended period.
Contact Information
Stephanie Lo
Director of Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
stephaniel@clairvest.com
