Eurazeo's Asmodée buys Fantasy Flight Games

The bolt-on expands Asmodée's reach in North America and will improve Fantasy Flight's presence on the continent.

Fantasy Flight will continue to operate from its US headquarters in Roseville. No staffing changes are expected, according to the company.

Previous funding
Eurazeo bought the company from Montefiore Investment in November 2013 for an enterprise value of €143m. The deal was understood to have included a €102m commitment from the GP, with the company's founders and management committing €13m.

Montefiore bought Asmodée 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 €40-50m. Asmodée's management retained the remaining 40% shareholding in the company.

The equity-to-debt ratio of Montefiore's 2008 investment in Asmodée was approximately 50:50, according to unquote" data. Debt was provided by HSBC, Crédit Lyonnais and Banque Populaire Rives de Paris.

The GP then provided acquisition finance to the company in January 2009 and May 2010. Asmodée acquired a 60% stake in UK-based Esdevium Games in 2010 and acquired Belgian game distributor Hodin, Spanish games developer Cromola and Germany-based Proludo in 2009.

Company
Founded in 1995 and based in Roseville, Fantasy Flight Games is a publisher of hobby games including board games, card games, roleplaying games and miniature games.

Its best known titles include games based on licences including World of Warcraft and Battlestar Galactica.

The majority of the firm's revenues are generated abroad.

People
Virginie Morgon is chief investment officer at Eurazeo.

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