Lottery win for Fastrak

Macclesfield-based Fastrak Retail (UK) has been acquired by Canadian company Pollard Banknote.

Fastrak, which designs and manufactures lottery ticket dispensers and other retail point-of-sale display products, has was paid an initial consideration of £4m plus working capital adjustments, with potential earn-out payments due in the future.

Founded in 2000 by John Barrett and Steve Matthews, Fastrak employs 26 staff and has its offices, factory and warehouse in Heapy Street, Macclesfield.

The £6m-turnover company is a leading provider of lottery ticket dispensers and play points supplying a number of major international lotteries, including those in the UK and Ireland, and has recently won a major contract for the Illinois state lottery.

Pollard, which is based in Winnipeg and is listed on the Toronto Stock Exchange, is a leading partner to more than 60 lotteries worldwide, providing instant ticket print products, licensed games and digital offerings.

Following the deal, John Barrett will continue as managing director alongside commercial director Mick Tooley, before moving into a consultancy role to focus on innovation and design for Fastrak and the Pollard group.

Steve Matthews will stay on in a design consultancy role.

Ben Bradley and Ian Dawson, of HURST Corporate Finance, and Liz Gallagher and James Hamilton of HURST’s tax team, advised Fastrak’s shareholders on the deal.