mynth
← DATABASE
01/2014MajorityLBO

Eurazeo takes majority stake in Asmodee Group

FRANCE Consumer Products EV €100–350M

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 c.€100 million in equity, while the management team and the original founders reinvested c.€15 million, representing a total equity injection of €115 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.

In the past, Asmodee Group was acquired by Montefiore Investment in 2007 as part of its expansion strategy.

Asmodee Group, which reported an EBITDA margin of [members only] in 2013, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

-> Deep-dive in Retail & Consumer market trends

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

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2013
€100–200M
€5–25M
[members only]
2012
€100–200M
€5–25M
[members only]

Other operations with Asmodee Group

Other operations with Asmodee Group
DateAcquirerTargetCountrySector
03/2026ASMODEE GROUPATM GAMINGFRANCEGaming & Consumer Apps
01/2022EMBRACER GROUPASMODEE GROUPFRANCEConsumer Products
07/2018PAI PARTNERSASMODEE GROUPFRANCEConsumer Products
11/2007MONTEFIORE INVESTMENTASMODEE GROUPFRANCEConsumer Products

Other operations with Eurazeo

Other operations with Eurazeo
DateAcquirerTargetCountrySector
04/2016EURAZEO / MERIEUX EQUITY PARTNERSNOVACAPFRANCESpecialty Chemicals
03/2016EURAZEOGLION INSTITUTE / LES ROCHESSWITZERLANDEducation Providers
11/2015EURAZEOPLANET PAYMENTIRELANDFintech & Payments
09/2014EURAZEOCOLISÉEFRANCENursing Homes
03/2014EURAZEODESIGUALSPAINFashion & Apparel
02/2014EURAZEOVIGNAL GROUPFRANCEAuto Parts & Systems
07/2013EURAZEOEVERNEXFRANCEMSP (Managed Services)
06/2013EURAZEOIES SYNERGYFRANCEBatteries & EV Tech
06/2013EURAZEOPÉTERS SURGICALFRANCEMedical Consumables
06/2011EURAZEOMONCLERITALYFashion & Leather Goods

Similar deals in Consumer Products

Similar deals in Consumer Products
DateAcquirerTargetCountrySector
07/2016MONTEFIORE INVESTMENTISABEL MARANTFRANCEFashion & Apparel
07/2016BC PARTNERS / PSP INVESTMENTSKETERISRAELHome & DIY
03/2016MAPEDHELLER JOUSTRAFRANCEConsumer Products
05/2015APHEONGOLDEN GOOSEITALYFashion & Apparel
04/2015LBO FRANCEIKKS GROUPFRANCEFashion & Apparel
12/2014BC PARTNERS / CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBECPETSMARTUNITED STATESPet Care
12/2014L CATTERTONINTERCOSITALYHygiene & Beauty Brands
03/2014EURAZEODESIGUALSPAINFashion & Apparel
03/2012MAPEDHELIXUNITED KINGDOMConsumer Products
11/2007MONTEFIORE INVESTMENTASMODEE GROUPFRANCEConsumer Products

REFERENCES

Valuation range: EV €100–350M

Revenue range: €100–200M

EBITDA range: €5–25M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Asmodee Group by Eurazeo are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: asmodee group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Asmodee Group, a French company specialised in Consumer Products, by Eurazeo in 2014, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Montefiore Investment in November 2007, before ownership was subsequently transferred to PAI Partners in July 2018 (see dedicated deal pages for details).

How was the acquisition of Asmodee Group by Eurazeo valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Asmodee Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Asmodee Group generated annual revenue estimated in the €100–200M range and EBITDA in the €5–25M bracket (FY 2013). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.