Pollard Banknote expands bingo presence with Clarence J. Venne acquisition

Lea Hogg July 30, 2024

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Pollard Banknote expands bingo presence with Clarence J. Venne acquisition

Pollard Banknote has announced its strategic acquisition of Clarence J.?Venne (Venne), a leading manufacturer of bingo markers primarily used in the charitable gaming bingo market.?The deal, signed for a purchase price of $12.6 million, is set to close on 31 July 2024.

Pollard Banknote has been active in expanding its portfolio through strategic acquisitions. Apart from the recent acquisition of Clarence J. Venne, specific details about other acquisitions made by Pollard Banknote are not readily available in my current knowledge base. For the most accurate and up-to-date information, it would be best to directly check the official announcements or news from Pollard Banknote. However, it’s worth noting that Pollard Banknote is known for its commitment to expanding its leadership role in the charitable gaming market through both organic growth and acquisitions to strengthen its position in the market.

Venne, a company with a rich history dating back to 1962, was founded by the inventor of the bingo dauber. With a presence in the bingo market for over six decades, Venne’s products have found their way into every bingo market throughout North America and 23 other countries around the world.

Leadership comments

Steven Fingold, EVP of Charitable Gaming at Pollard Banknote, expressed his excitement about the acquisition. He believes that the Venne team, with its valuable years of expertise and superior bingo products, will be a great addition to the Pollard Charitable Games Group. The acquisition aligns with Pollard Banknote’s strategic plan to provide an expanded product offering to existing and new customers.

Jeff Fischer, Owner of Venne, echoed similar sentiments. He expressed his happiness about joining Pollard Banknote, one of the leading suppliers in the charitable gaming space. He looks forward to seeing Pollard’s team expand Venne’s business as it continues to provide excellent products and solutions for charitable organizations.

The acquisition is being funded from Pollard Banknote’s existing cash resources and credit facilities. This move not only marks a significant milestone in Pollard Banknote’s growth trajectory but also underscores its commitment to expanding its leadership role in the charitable gaming market.

The acquisition of Clarence J. Venne not only expands Pollard Banknote’s portfolio but also positions it to better serve its customers with quality products. As the industry continues to evolve, such strategic acquisitions will be key to staying competitive and relevant.