Game provider Pollard Banknote announced the acquisition of Clarence J. Venne (Venne), a bingo marker manufacturer primarily for the charitable gaming bingo market.
The final agreement was signed for $12.6 million and is expected to be completed by July 31, 2024.
Venne was founded in 1962 by the inventor of bingo game daubers and has been active in the bingo game market for over 60 years. The company's products are sold in North America and 23 other countries worldwide.
Regarding this acquisition, Steven Fingold, Executive Vice President of Charitable Games at Pollard Banknote, said: "We are thrilled to welcome the Venne team into our organization and believe this will be a perfect integration with our existing charitable games group.
"The bingo game market is an important component of charitable gaming, and offering a broader range of products to both existing and new customers is a key element of our strategic plan.
"We believe the Venne team will bring valuable years of expertise and quality bingo products to the Pollard Charitable Games Group. Venne will be a key addition to help us maintain our leading position in this field, and we are honored they chose to join us."
Venne's boss Jeff Fischer added: "We are very excited to join one of the leading providers in the charitable gaming sector.
Our organizations have a similar culture focused on innovation, and I look forward to seeing the Pollard team expand Venne's business and continue to provide quality products and solutions to charitable organizations."
The funding for this acquisition comes from Pollard Banknote's existing cash resources and credit financing.
