ASMODEE GROUP acquired by PAI PARTNERS

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. The strategic rationale for PAI Partners is to replicate the company's historical growth trajectory by further accelerating its international expansion, particularly in the United States, and deepening its penetration in the digital gaming and content licensing segments. The acquisition is supported by a robust financing package featuring a leverage level of approximately 6.0x EBITDA, highlighting the resilience and strong cash-flow generation of the board game sector. This move positions Asmodee as a central platform for future consolidation in the global tabletop gaming market.

In the past, the company had already been the subject of several LBOs, notably led by Montefiore Investment in 2007 and Eurazeo in 2014. These multiple LBO cycles illustrate the strong appeal for this type of asset.