Clairvest earns 46 pct IRR with $1.45 bln sale of Rivers Casino
Canadian mid-market private equity firm Clairvest Group has completed the sale of its stake in Rivers Casino, a Des Plaines, Illinois-based gaming and entertainment complex. The deal, announced last year, saw Rivers acquired by Churchill Downs Inc at an enterprise value of US$1.45 billion. Clairvest invested in the company in 2010. Rivers subsequently did two recapitalizations, including a 2016 transaction worth US$600 million. Clairvest said it realized cash proceeds of about US$135 million from the sale, which when combined with other proceeds received represents 8.4 times invested capital and an internal rate of return of 46 percent.
6 March 2019•3 mins read
