PAI eyeing EUR 2bn Asmodee sale – report

According to the report, the private equity sponsor has targeted an enterprise value of more than EUR 2bn. 

Advent International and CVC Capital are among potential suitors amid a pandemic-linked boom in the popularity of stay-at-home pastimes including puzzles, the report noted.

The report added that CVC and BC Partners, as well as Kirkbi, the investment holding of the Kirk Kristiansen family that founded the Lego brand, were unsuccessful bidders for Asmodee during the last auction in 2018.

PAI Partners acquired a majority stake in Asmodee from Eurazeo in 2018. It invested alongside management, which retained a significant minority.

The acquisition of Asmodee was the first investment made by PAI Europe VII, which reached a final close on its EUR 5.1bn hard-cap in March 2018. The deal valuation was around EUR 1.2bn, equating to an entry multiple of 12-15x EBITDA.

The investment generated a 4x money multiple for Eurazeo, yielding a 35% IRR.

Mergermarket reported at the time that the auction saw Ares Management, BC Partners and a consortium comprising CVC Long Term Fund and Kirkbi take part in the final round.

Asmodee has a long history of PE ownership. Montefiore Investment bought Asmodee in a secondary buyout from Naxicap Partners in January 2008. The firm acquired a 60% stake in the company as part of a deal with management worth EUR 40-50m. Five years later, Eurazeo acquired Asmodee from Montefiore for an enterprise value of EUR 143m.

Founded in 1995 and based in Guyancourt, Asmodee is a games publisher and distributor, with operations located in Europe, North America and China. Asmodee generated a turnover of EUR 442m at the time of the 2018 buyout, 75% of which was made outside France.

PAI Partners declined to comment.

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