Axcel buys SteelSeries from L Catterton

It is the ninth investment from the DKK 4.8bn Axcel V, which invests in companies with revenues of between DKK 250m-4bn.

The sale ends a holding period of almost seven years for L Catterton, which acquired a majority stake alongside Chinese PE firm ClearVue Partners in 2012.

The two GPs mandated Moelis to run a sale process based on 2019 EBITDA of $20m, according to Unquote sister publication Mergermarket.

Axcel said it will leverage its experience in the consumer and technology sectors to develop the company.

Company
SteelSeries was founded in 2001 and is headquartered in Copenhagen. It makes peripherals for gamers including headsets, mouse devices, mouse mats and keyboards. The company generated sales of DKK 1bn in 2018.

People
Axcel Management – Christian Bamberger Bro (partner).
SteelSeries – Jacob Wolff-Petersen (founder).

Advisers
Vendor – Moelis (corporate finance).

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