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M&A

OCELLUS GROUPE

Acquired by

ELEVATION CAPITAL PARTNERS

FRANCE Media & Internet EV [1m EUR - 100m EUR] 02/2026

Target

OCELLUS GROUPE

Acquirer

ELEVATION CAPITAL PARTNERS

Context

Elevation Capital Partners invested €4 million in Ocellus through its Elevation Growth vehicle, marking the first-ever opening of Ocellus's capital to an external investor. The fundraise was managed by placement agent Talaria Capital. The proceeds will be used to accelerate the development of Ocellus Games, enabling the group to achieve in two to three years what it could have self-financed over five to six years. The near-term roadmap includes the launch of a first Trading Card Game (TCG) within two years and the development of a demo for a higher-budget action-adventure game within one year, alongside continued expansion of Ocellus Services into adjacent offerings including project management, game prototyping, audio integration, sound effects, and cinematics production.

Target

Ocellus is a Lyon-based creative studio founded in 2018 , operating across two complementary business lines: (1) Ocellus Services, the group's historical core activity providing premium human-made art design services to major global video game publishers, including Epic Games (Fortnite), Supercell (Clash Royale, Brawl Stars), and Disney and (2) Ocellus Games, a studio division launched in 2022 dedicated to the development and publication of the group's own proprietary video game intellectual properties (IP).

Ent. Value

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Equity Value

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Multiples Analysis

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBIT
2026
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2025
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