Pollard Banknote Announces the Acquisition of Clarence J. Venne, a Leading Manufacturer in the Charitable Bingo Market
WINNIPEG, MB, July 29, 2024 /CNW/ - Pollard Banknote Limited ("Pollard Banknote") (TSX: PBL) announced today that it has signed a definitive agreement to purchase ("Acquisition") 100% of the business of Clarence J. Venne, LLC ("Venne"), a leading manufacturer of bingo markers utilized primarily in the charitable gaming bingo market.
For over 60 years, Clarence J. Venne, LLC has manufactured the world's finest and most innovative line of bingo markers (also known as "dabbers" or "daubers"). Venne's products are sold in every bingo market throughout North America, as well as in 23 foreign countries. The founder and namesake of the company, the inventor of the bingo dauber, instilled a culture of company pride, product innovation, and customer-first principles that have endured throughout the last six decades since Venne's founding in 1962.
"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," said John Pollard, Co-Chief Executive Officer, Pollard Banknote. "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."
Steven Fingold, Executive Vice President, Charitable Gaming, Pollard Banknote stated, "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."
Jeff Fischer, owner of Venne, commented, "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."
The total Acquisition purchase price is $12.6 million U.S. dollars (approximately $17.4 million CDN dollars using an exchange rate of $1.38 CDN dollar per U.S. dollar). The purchase price was funded from existing Pollard Banknote cash resources and availability under our existing senior credit facilities. The Acquisition is expected to be accretive to Pollard Banknote's net income and is not contingent on any approvals or financing. The Acquisition agreement of Venne has been signed and will close on July 31, 2024.
About Pollard Banknote
Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high-quality instant ticket products, licensed games, in-lane ticket options, and sales-driving merchandising solutions from its Schafer Retail Solutions + portfolio. It also offers a full suite of digital offerings, ranging from world-class game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also provides pull-tab tickets, bingo paper, ticket vending machines, and its Diamond Game and Compliant Gaming electronic games and devices to charitable and other gaming markets in North America. Established in 1907, Pollard Banknote is owned approximately 64% by the Pollard family and 36% by public shareholders, and is publicly traded on the Toronto Stock Exchange (TSX: PBL). For more information, please visit our website at www.pollardbanknote.com.
Forward-looking Statements
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SOURCE Pollard Banknote Limited
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