When was ASMODEE GROUP acquired by MONTEFIORE INVESTMENT?

ASMODEE GROUP was acquired by MONTEFIORE INVESTMENT in 2007.

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 10M - 30M EUR.

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-asmodee-la-carte-maitresse-de-montefiore/

What is the average EV/EBITDA multiple for the Retail & Consumer sector in 2026?

The average EV/EBITDA multiple for the Retail & Consumer sector in 2026 is 11.2x.

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Home Database Retail & ConsumerASMODEE GROUP

11/2007

ASMODEE GROUP acquired by MONTEFIORE INVESTMENT

FRANCE Consumer Products REV 10M - 30M EUR

Context

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. Under this partnership, the strategy shifted from self-financed organic growth to an aggressive "Focus and Growth" model. The objective was to professionalize Asmodee’s marketing, treating board games as high, impact consumer "brands" similar to the luxury or spirits industries, and to replicate its successful French distribution and publishing model across new European and international territories.

ASMODEE GROUP, which reported an EBITDA margin of in 2006, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (11.2x).

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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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Historical Financials (EUR)

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2006

2005

Other operations with ASMODEE GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
03/2026	ASMODEE GROUP	ATM GAMING	FRANCE	Gaming & Consumer Apps
01/2022	EMBRACER GROUP	ASMODEE GROUP	FRANCE	Consumer Products
07/2018	PAI PARTNERS	ASMODEE GROUP	FRANCE	Consumer Products
01/2014	EURAZEO	ASMODEE GROUP	FRANCE	Consumer Products

REFERENCES

Revenue range: 10M - 30M 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 MONTEFIORE INVESTMENT 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.

Press release: view release

Target: asmodee group

Acquirer: montefiore investment