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.
|
