Canadian lottery supplier Pollard Banknote has entered into an agreement to acquire US charitable bingo supplier Pacific Gaming.

The California and Texas-based business, which supplies electronic solutions to the charitable bingo market, will complement Pollard’s existing bingo product portfolio of paper and electronic pull-tabs, pull-tab vending machines, video verifiers and bingo paper and daubers.

The $10 million purchase price will be funded from existing Pollard Banknote cash resources and availability under the company’s senior credit facilities.

The acquisition is expected to be accretive to Pollard Banknote’s net income, with closing of the transaction expected to take place on 1 April.

“We are thrilled about adding the Pacific electronic bingo offerings into our charitable gaming portfolio,” said Pollard Banknote co-CEO John Pollard. “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.”

Pollard Banknote executive vice president of charitable gaming, Steven Fingold, added: “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 highlight’s 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.”

Pacific becomes part of the Pollard Charitable Games Group, alongside American Games, International Gamco, Diamond Game and CJ Venne.

“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 US and around the world,” concluded John Pollard. “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.”

Shares in Pollard Banknote Ltd (TOR:PBL) closed 0.69 per cent higher at CA$20.42 per share in Toronto Monday.