ASMODEE GROUP
Acquired by
EURAZEO
ASMODEE GROUP acquired by EURAZEO
Context
Eurazeo has completed the acquisition of an 83.5% majority stake in Asmodee from the private equity firm Montefiore Investment. The transaction follows a strategic agreement announced in late 2013 and received regulatory clearance from European competition authorities. The acquisition is structured to support the company’s ambitious shift from a domestic leader to a global player in the board game industry. To finance the deal, Eurazeo invested €98 million in equity, while the management team and the original founders reinvested €14 million, representing a total equity injection of €117.8 million. This "Secondary LBO" provides Asmodee with a specific financing envelope dedicated to future external growth. The strategic rationale centers on accelerating international sales—aiming to increase the export share from 50% to 70%—and developing digital adaptations of the group's physical catalog. Stéphane Carville remains at the helm to lead this new phase of global expansion under Eurazeo's ownership.
ASMODEE GROUP, which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the average currently observed in the Retail & Consumer sector (11.3x).
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Target
Asmodee is a global leader in the board game industry, managing an extensive ecosystem of over 20 internal studios and a portfolio of 400+ intellectual properties, including Catan, Ticket to Ride, and Pandemic. Following its IPO in Stockholm in early 2025, the group has returned to its historical strategy of aggressive external growth. Asmodee’s investment thesis centers on acquiring specialized studios to consolidate high-value IP and leverage its world-class international distribution network. The group has been built through successive LBOs (Montefiore, Eurazeo, PAI Partners) and a period under the Swedish conglomerate Embracer, before reclaiming its independence. With over 50 acquisitions in 15 years, Asmodee’s business model relies on a "studio-centric" approach, allowing creative entities to maintain their identity while benefiting from the group’s global commercial scale and logistical infrastructure.
Ent. Value
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Equity Value
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Multiples
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with ASMODEE GROUP
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 03/2026 | ASMODEE GROUP | ATM GAMING | FRANCE | Software | ATM Gaming is a high-growth French publisher specializing in the "party game" segment, currently identified as the most dynamic category in the tabletop gaming market. The company’s business model focuses on mainstream, easy-to-learn social games with high viral potential and mass-market appeal. Its portfolio includes major commercial successes such as Speed Bac, which has surpassed 2 million units sold, as well as recent hits like Pili Pili and Mouton Mouton. ATM Gaming leverages a fast-to-market product development cycle and strong retail distribution to capture the growing demand for social entertainment. By focusing on high-volume, accessible intellectual property (IP), the company has established itself as a key innovator in the consumer gaming space, achieving significant profitability and rapid revenue scaling within the European market. |
| 01/2022 | EMBRACER GROUP | ASMODEE GROUP | FRANCE | Consumer Products | Asmodee is a global leader in the board game industry, managing an extensive ecosystem of over 20 internal studios and a portfolio of 400+ intellectual properties, including Catan, Ticket to Ride, and Pandemic. Following its IPO in Stockholm in early 2025, the group has returned to its historical strategy of aggressive external growth. Asmodee’s investment thesis centers on acquiring specialized studios to consolidate high-value IP and leverage its world-class international distribution network. The group has been built through successive LBOs (Montefiore, Eurazeo, PAI Partners) and a period under the Swedish conglomerate Embracer, before reclaiming its independence. With over 50 acquisitions in 15 years, Asmodee’s business model relies on a "studio-centric" approach, allowing creative entities to maintain their identity while benefiting from the group’s global commercial scale and logistical infrastructure. |
| 07/2018 | PAI PARTNERS | ASMODEE GROUP | FRANCE | Consumer Products | Asmodee is a global leader in the board game industry, managing an extensive ecosystem of over 20 internal studios and a portfolio of 400+ intellectual properties, including Catan, Ticket to Ride, and Pandemic. Following its IPO in Stockholm in early 2025, the group has returned to its historical strategy of aggressive external growth. Asmodee’s investment thesis centers on acquiring specialized studios to consolidate high-value IP and leverage its world-class international distribution network. The group has been built through successive LBOs (Montefiore, Eurazeo, PAI Partners) and a period under the Swedish conglomerate Embracer, before reclaiming its independence. With over 50 acquisitions in 15 years, Asmodee’s business model relies on a "studio-centric" approach, allowing creative entities to maintain their identity while benefiting from the group’s global commercial scale and logistical infrastructure. |
| 11/2007 | MONTEFIORE INVESTMENT | ASMODEE GROUP | FRANCE | Consumer Products | Asmodee is a global leader in the board game industry, managing an extensive ecosystem of over 20 internal studios and a portfolio of 400+ intellectual properties, including Catan, Ticket to Ride, and Pandemic. Following its IPO in Stockholm in early 2025, the group has returned to its historical strategy of aggressive external growth. Asmodee’s investment thesis centers on acquiring specialized studios to consolidate high-value IP and leverage its world-class international distribution network. The group has been built through successive LBOs (Montefiore, Eurazeo, PAI Partners) and a period under the Swedish conglomerate Embracer, before reclaiming its independence. With over 50 acquisitions in 15 years, Asmodee’s business model relies on a "studio-centric" approach, allowing creative entities to maintain their identity while benefiting from the group’s global commercial scale and logistical infrastructure. |
REFERENCES
Valuation range: EV 100M - 350M EUR
Revenue range: 100M - 200M EUR
EBITDA range: 5M - 25M EUR
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Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: asmodee group
Acquirer: eurazeo