M&A Deal Summary

Churchill Downs Acquires Rivers Casino

On October 31, 2018, Churchill Downs acquired gaming company Rivers Casino from Clairvest Group

Acquisition Highlights
  • This is Churchill Downs’ 3rd transaction in the Gaming sector.
  • This is Churchill Downs’ 10th transaction in the United States.
  • This is Churchill Downs’ 1st transaction in Illinois.

M&A Deal Summary
Date 2018-10-31
Target Rivers Casino
Sector Gaming
Buyer(s) Churchill Downs
Sellers(s) Clairvest Group
Deal Type Add-on Acquisition

Target

Rivers Casino

Des Plaines, Illinois, United States
Rivers Casino LLC is an operator of a casino and provider of a wide array of opportunities for professional growth and development.

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Buyer(S) 1

Buyer

Churchill Downs

Louisville, Kentucky, United States
Category Company
Founded 1875
Sector Leisure
Employees5,660
Revenue 2.5B USD (2023)
DESCRIPTION
Entrance to Churchill Downs Racetrack in Louisville, Kentucky.
Entrance to Churchill Downs Racetrack in Louisville, Kentucky.

Churchill Downs owns and operates the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations and a poker room. Churchill Downs was incorporated in 1875 and is based in Louisville, Kentucky.

DEAL STATS #
Overall 10 of 15
Sector (Gaming) 3 of 4
Type (Add-on Acquisition) 9 of 13
State (Illinois) 1 of 1
Country (United States) 10 of 15
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-16 Big Fish Games

Seattle, Washington, United States

Big Fish Games, Inc. is a producer and distributor of mobile and online games. Big Fish Games Studios publishes brands that include Mystery Case Files, Hidden Expedition™, Azada™, and Fairway Solitaire™. Big Fish Games is based in Seattle, Washington.

Buy $885M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Turfway Park

Florence, Kentucky, United States

Turfway Park is a Thoroughbred racetrack in Florence, Kentucky. Turfway offers live racing from December through March, simulcast racing year-round and group sales and catering services year-round. Home of the Spiral Stakes.

Buy $46M

Seller(S) 1

SELLER

Clairvest Group

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 4.5B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Clairvest Group is a generalist Canadian private equity firm focused on mid-market businesses with C$10 to C$50 million of EBITDA. While Clairvest does not have any sector preferences, the Firm prefers fragmented sectors with recurring revenue business models and economies of scale. Clairvest will consider both minority and majority investment positions and invests in the range of C$25- C$100 million per transaction. Clairvest was formed in 1987 and is based in Toronto.

DEAL STATS #
Overall 21 of 31
Sector (Gaming) 3 of 3
Type (Add-on Acquisition) 9 of 15
State (Illinois) 1 of 1
Country (United States) 9 of 17
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-03 Meriplex

Houston, Texas, United States

Meriplex is a managed solutions provider specializing in delivering intelligent network solutions, cloud enablement and managed services for the mid-enterprise market. Meriplex is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-27 Right Time Heating and Air Conditioning Canada

St. Catharines, Ontario, Canada

Right Time Heating and Air Conditioning Canada, Inc. is an independent heating, ventilation and air-conditioning (“HVAC”) contractor focused strictly on the residential replacement market. Right Time operates out of seven locations in Ontario and Manitoba and provides preventative maintenance programs, repairs, and replacements of household HVAC units.

Buy -
Mergr

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