Pollard Banknote has announced the acquisition of Clarence J. Venne (Venne), a manufacturer of bingo markers primarily used in the charitable gaming bingo market.
The definitive agreement – signed for a purchase price of $12.6m – is set to close on 31 July 2024.
Venne, founded in 1962 by the inventor of the bingo dauber, has been a player in the bingo market for over six decades. The company's products are distributed throughout North America as well as in 23 other countries around the world.
Commenting on the acquisition, Steven Fingold, EVP of Charitable Gaming at Pollard Banknote, stated: "We are very excited about bringing the Venne team into our organisation and believe it will be a great combination with our existing charitable games group.
"The bingo market is an important component of charitable gaming, and providing an expanded product offering to existing and new customers is a critical element of our strategic plan.
“We believe the Venne team brings valuable years of expertise and superior bingo products to the Pollard Charitable Games Group. Venne will be a key addition in helping us remain a leader in this space and we are honoured they have chosen to join us."
Jeff Fischer, Owner of Venne, added: "We could not be happier to join one of the leading suppliers in the charitable gaming space.
Our organisations share a similar culture and focus on innovation, and I look forward to seeing Pollard's team expand Venne's business as it continues to provide excellent products and solutions for charitable organisations."
The acquisition is being funded from Pollard Banknote's existing cash resources and credit facilities.
