Stronach Group, the closely-held company led by former politician Belinda Stronach, is exploring options for parts of its portfolio after fielding interest from special purpose acquisition companies and other suitors, according to people with knowledge of the matter.
The Canadian company is working with an adviser to consider the sale or licensing of its assets after a number of parties, including digital betting and media companies, expressed interest in aspects of the business, the people said. Stronach Group’s portfolio is estimated to be worth more than US$1.5 billion, one of the people said.
Stronach Group, based in the Toronto suburb of Aurora, Ontario, is a technology, entertainment and real estate development company with a focus on thoroughbred horse racing and betting businesses. Its wagering arm operates brands including Xpressbet and AmTote.
The company holds some of the most prestigious racetracks in the U.S., including Santa Anita Park and Golden Gate Fields in California and Gulfstream Park in Florida. Its real estate arm is developing areas close to its racing venues, while its media and content division oversees its broadcast rights, among other holdings.
Stronach Group representatives did not immediately return telephone messages and emailed requests for comment.
The Stronach family -- one of Canada’s richest -- last year settled a family feud. Patriarch Frank Stronach and daughter Belinda in August said they’d split control of the family businesses, with Belinda gaining control of the Stronach Group’s thoroughbred racing and gaming businesses, including racetracks and related real estate.
Belinda, who previously led Magna International Inc. and was briefly a cabinet minister in Canada, added the chief executive officer title in March to her existing roles as president and chairman of the Stronach Group.