PAI Partners takes majority stake in Asmodee Group

FRANCE Consumer Products EV €1–10bn

Context

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.

The acquisition of Asmodee Group is part of the growth strategy of PAI Partners, which already has several external growth operations under its belt, notably Refresco in 2017.

Asmodee Group, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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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

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Asmodee Group

Other operations with Asmodee Group
Date	Acquirer	Target	Country	Sector
03/2026	ASMODEE GROUP	ATM GAMING	FRANCE	Gaming & Consumer Apps
01/2022	EMBRACER GROUP	ASMODEE GROUP	FRANCE	Consumer Products
01/2014	EURAZEO	ASMODEE GROUP	FRANCE	Consumer Products
11/2007	MONTEFIORE INVESTMENT	ASMODEE GROUP	FRANCE	Consumer Products

Other operations with PAI Partners

Other operations with PAI Partners
Date	Acquirer	Target	Country	Sector
04/2019	PAI PARTNERS	ECOTONE	NETHERLANDS	Food Processing
11/2018	PAI PARTNERS	STELLA	FRANCE	External Joinery
05/2018	PAI PARTNERS / BARING PRIVATE EQUITY	WORLD FREIGHT COMPANY	FRANCE	Freight Forwarding
10/2017	PAI PARTNERS	REFRESCO	NETHERLANDS	Beverages
05/2017	PAI PARTNERS	ELITECH GROUP	FRANCE	Diagnostic Equipment
06/2016	PAI PARTNERS	ATOS MEDICAL	SWEDEN	Medical Consumables
06/2016	PAI PARTNERS	ETHYPHARM	FRANCE	Pharma & Biotech
02/2016	ADB SAFEGATE / PAI PARTNERS	SAFEGATE INTERNATIONAL	SWEDEN	Aerospace, Naval & Defense
12/2015	PAI PARTNERS	GROUPE B&B HOTELS	FRANCE	Hotels & Accommodation
06/2014	PAI PARTNERS	LABEYRIE FINE FOODS	FRANCE	Food Products

Similar deals in Consumer Products

Similar deals in Consumer Products
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07/2018	ARGOS WITYU	JURATOYS	FRANCE	Consumer Products
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02/2017	THE CARLYLE GROUP	GOLDEN GOOSE	ITALY	Fashion & Apparel
12/2016	KETER	ABM	ITALY	Home & DIY
11/2016	3I / CATHAY CAPITAL	HAVEA	FRANCE	Hygiene & Beauty Brands
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REFERENCES

Valuation range: EV €1–10bn

EBITDA range: €100–200M

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 PAI Partners 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 PAI Partners in 2018, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by Eurazeo in January 2014, before ownership was subsequently transferred to Embracer Group in January 2022 (see dedicated deal pages for details).

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

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

What was Asmodee Group’s EBITDA at the time of the deal?

At the time of the transaction, Asmodee Group’s EBITDA was estimated within the €100–200M bracket (FY 2018). 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.

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