Pollard Banknote signs agreement to buy Clarence J. Venne for $12.6m
The deal will allow Pollard to acquire 100% of the company.
Pollard Banknote has agreed to purchase 100% of the business of bingo markers manufacturer, Clarence J. Venne, LLC. The two signed a definitive deal and agreed on a price of $12.6m.
Venne has been in business for more than 60 years. Its bingo markers a primarily used in the charitable gaming bingo market.
Pollard Banknote Co-CEO John Pollard said the company is eager to integrate the Venne team.
He commented, “We are very excited about bringing the Venne team into our organization 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 honored they have chosen to join us.”
Venne’s products are available in bingo markets throughout North America and in 23 countries around the globe.
Pollard Banknote EVP, Charitable Gaming, said, “Venne has long been the industry leader in bingo daubers, and we’re thrilled to have them join our charitable games group. With their expertise and deep understanding of the bingo market, together we’ll be able to provide attractive options to distributors and retail customers to expand and grow their bingo operations.
“This acquisition further illustrates Pollard Banknote’s ongoing dedication to the charitable gaming market and our commitment to expanding our leadership role through both organic growth and acquisitions.”
Venne Owner Jeff Fischer briefly discussed the upcoming acquisition by saying, “We could not be happier to join one of the leading suppliers in the charitable gaming space.
“Our organizations 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 organizations.”
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