Pollard Bankote has entered into an agreement to fully acquire bingo supplier Pacific Gaming and LIF Capital Group (collectively ‘Pacific’).
The deal will strengthen Pollard’s commercial appeal, with Pacific’s bingo handhelds, blowers, point-of-sale systems, and bingo management solutions all being added to the former’s product portfolio.
After the acquisition is completed, Pacific will enter the ranks of the Pollard Charitable Games Group, joining the likes of American Games, International Gamco, Diamond Game and CJ Venne.
Steven Fingold, Executive Vice President, Charitable Gaming, PollardBanknote, commented: “Pacific has long been a leader in electronic bingo solutions and we’re excited to have them join our charitable games group.
“This acquisition further highlights Pollard Banknote’s ongoing commitment to the charitable gaming market and our focus on expanding our leadership role through both organic growth and key acquisitions.”
The acquisition is valued at $10m ($14.4m Canadian) before working capital adjustments. Pollard Banknote will fund the transaction with existing cash resources, custom to existing senior credit facilities.
Standard approvals and general agreements are expected to close on 1 April.
John Pollard, Co-CEO of Pollard Banknote, added: “We are thrilled about adding the Pacific electronic bingo offerings into our charitable gaming portfolio.
“As one of the leading providers to the charitable bingo market, the addition of electronic solutions is an important element of providing a comprehensive product offering to existing and new customers. Pacific will be a key addition in helping us remain a leader in this space.
“This acquisition continues Pollard Banknote’s commitment to growing our presence in the important charitable gaming market and strengthening our leadership role as the partner of choice for charities throughout the U.S. and around the world.
“We are extremely pleased to have the Pacific team join us, and we look forward to continued success in expanding our reach within the bingo market.”
Elsewhere in the US, Pollard Banknote Ltd scored another milestone in Maryland, with the state’s lottery launching its new Back to the Future-themed scratch-off game – exclusively available through Pollard Banknote.
The game features a top prize of $10,000, as well as additional cash prizes for players through second-chance draws.
On the latest launch, Brad Thompson, Vice President, Sales & Marketing at Pollard Banknote, commented: “Back to the Future is one of the most iconic franchises of all time and will help lotteries maximize player engagement and proceeds for good causes.
“We’re incredibly excited for the Maryland Lottery to launch the first scratch-off game based on this storied franchise, and the 40th anniversary is the perfect chance to reawaken the excitement of the original film.”