Canada
Clairvest exits Casino New Brunswick through USD 80M sale
Canadian private equity firm Clairvest Group stands to receive about USD 46M after agreeing to sell its stake in Casino New Brunswick to Great Canadian Gaming Group (GCGG).
2015-05-14
Reading time 28 seg
Canadian private equity firm Clairvest Group stands to receive about USD 46M after agreeing to sell its stake in Casino New Brunswick to Great Canadian Gaming Group (GCGG).
Clairvest helped put up about a third of the equity for Casino New Brunswick in 2008 to boost its construction, thought to be around C$30m.
GCGG has agreed to pay a total of C$95m for the casino and hotel complex, representing between eight and 8.5-times the company’s 2014 normalised EBITDA.
Clairvest Group Inc said it would realize 25 per cent of the C$55m gross proceeds, or approximately $14m, compared to the December 31, 2014 carrying value of $6.4m.
Last summer Clairvest Group closed its fifth fund on its C$600m hard cap.
It previous fund closed on $467m in January 2011.
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