At what enterprise value was ASMODEE GROUP acquired in 2014?

During the acquisition of ASMODEE GROUP by EURAZEO in 2014, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ASMODEE GROUP when it was acquired by EURAZEO?

The estimated EV/EBITDA multiple for ASMODEE GROUP is in the range of 10x - 18x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was ASMODEE GROUP acquired by EURAZEO?

ASMODEE GROUP was acquired by EURAZEO in 2014.

What was the revenue of ASMODEE GROUP at the time of the deal?

The revenue of ASMODEE GROUP at the time of the deal is estimated to be in the range of 100M - 200M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of ASMODEE GROUP during the acquisition?

ASMODEE GROUP's EBITDA is estimated to be in the range of 5M - 25M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ASMODEE GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ASMODEE GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://montefiore.eu/asmodee-group-une-pme-tricolore-detrone-hasbro-sur-le-marche-francais-des-jeux-de-societe/

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Home Database Retail & ConsumerASMODEE GROUP

01/2014

ASMODEE GROUP acquired by EURAZEO

FRANCE Consumer Products EV 100M - 350M EUR

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.

It is worth noting that the fund Montefiore Investment took control of Asmodee Group through an LBO in 2007.

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 (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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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.

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
03/2026	ASMODEE GROUP	ATM GAMING	FRANCE	Software	Asmodee has finalized the acquisition of 100% of the French publisher ATM Gaming, marking the group's largest acquisition since its recent listing on the Stockholm stock exchange. The transaction is structured as a combinaison of cash payment, newly issued Asmodee shares, and a deferred payment component. This acquisition allows Asmodee to significantly reinforce its position in the "party game" category, which is currently seeing the highest growth rates in the industry. The group anticipates strong financial performance from the target, with Revenue and EBITDA projected to grow by 47% in 2026, reaching €50 million in sales and an EBITDA of €25 million, maintaining a robust 50% EBITDA margin
01/2022	EMBRACER GROUP	ASMODEE GROUP	FRANCE	Consumer Products	Embracer Group has finalized the acquisition of 100% of the capital of Asmodee from funds managed by PAI Partners and various minority shareholders. This landmark transaction marks a major diversification for Embracer, bringing a global leader in board games into its digital-heavy ecosystem. The transaction was structured with a massive upfront payment consisting of cash and newly issued Embracer B shares. To ensure management continuity, the founders and key minority shareholders retained a small interest subject to specific put and call options exercisable over a six-year period
07/2018	PAI PARTNERS	ASMODEE GROUP	FRANCE	Consumer Products	PAI Partners has reached an agreement to acquire a majority stake in Asmodee from Eurazeo, following a highly competitive auction process involving major private equity players and strategic investors. The transaction marks the successful conclusion of Eurazeo’s five-year holding period, during which the target underwent a massive transformation through more than 20 build-up acquisitions. Under the new ownership structure, the existing management team, led by CEO Stephane Carville, is expected to reinvest significantly, retaining approximately 30% of the capital
11/2007	MONTEFIORE INVESTMENT	ASMODEE GROUP	FRANCE	Consumer Products	Montefiore Investment acquired a 60% majority stake in Asmodee Group from its founders and the minority investor Naxicap. This transaction marked the first investment of Montefiore’s second fund (€120M) and was structured to support the international ambitions of the founder. The strategic rationale for the deal was based on the "resilience of traditional play" in the face of digital entertainment. Montefiore identified a societal paradox where increased digital connectivity actually fuels the demand for physical, social activities like board gaming

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 100M - 200M EUR

EBITDA range: 5M - 25M EUR

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: verified 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