GameMark Products, Inc.

FOR IMMEDIATE RELEASE
July 6, 2001
 

 

PROSPECT PARTNERS ACQUIRES CLARENCE J. VENNE, INC. WITH EXISTING MANAGEMENT

Acquisition of the leading manufacturer of bingo markers and other marking and adhesive products is first step in plan to expand gaming products business

CHICAGO, Ill.—July 6, 2001: Prospect Partners, LLC and existing management are proud to announce the acquisition of Clarence J. Venne, Inc. of Levittown, Pennsylvania.

Clarence J. Venne (“CJV”) is the leading manufacturer of bingo markers, as well as ink, paint and adhesive products for use in hobby and crafts, school, and office applications. Products include bingo markers, envelope sealers, hobby & craft paints, school glue, and other liquid dispensing products sold to distributors, mass merchants and national office product chains. Brand names include: Dab 'O Ink, Dab 'N Stic, and Dab 'N Seal.

Established in 1962, CJV has invested nearly forty years in building the strong foundation of a successful, market-leading company and an exceptional team of people. In 1989, founders Richard and Clarence J. Venne brought aboard Chief Operating Officer Jeffrey Fischer to run the day-to-day operations of the business. With the retirement of the Vennes, Fischer is taking over as Chief Executive Officer of CJV. Mary Ann Alexander has been appointed Executive Vice President of Sales and Marketing after eighteen years in charge of sales for the company. The company predicates its success on its strong base of existing employees, all of whom are expected remain with CJV as the company continues to grow.

“We are very excited to be partners in CJV with Prospect Partners, and to be shareholders in the company for the first time,” explains CEO Jeffrey Fischer. “We have the successful foundation of a long-standing company and a loyal team of experienced people—we are now ready to build upon the core bingo products business and realize the potential that exists for related products within the wider marketplace of hobby & crafts, school and office products.”

In addition to bolstering its current leadership position in the niche bingo marking category, CJV will seek to grow through acquisition of gaming products manufacturers, as well as other producers of marking and hobby & craft products.

“There are significant opportunities for growth in the bingo market, and we look forward to continuing to provide excellent service to our loyal customers with greater breath of quality products,” confirms EVP of Sales and Marketing Mary Ann Alexander. “In addition to the bingo market, we will also be focusing aggressively on new products and new product development in the hobby & craft and school markets, allowing us to expand our customer base and distribution substantially.”

“We are very excited to be working in partnership with CEO Jeffrey Fischer and the CJV team in building this business together,” explains Edward H. Benford, Principal of Prospect Partners, LLC. “CJV embodies the key elements we seek in a platform for growth: a strong niche business, a market leader, and an experienced team. In addition, CJV’s admirable forty-year track record, reputation for high-quality products and service, loyal customer base, and strong brand recognition provide the foundation for a future of prosperous growth.”

Prospect Partners, LLC of Chicago manages a $105 million private equity fund focused on management-led leveraged acquisitions and providing growth capital for lower middle market businesses with niche strategies.

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