Our approach > Case studies > Asmodee

Building an innovative and global content group with a unique presence in board games

Global player in Board Games & Trading Cards market

c. 300

New games launched per year

50+

Countries with distribution partnerships

3,000+

Gaming catalogue

Asmodee overview

Key facts

Sector

Food & Consumer

Headquarters

France

Investment date

October 2018

Ownership

93%

Exit date

March 2022

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In October 2018, PAI Partners completed the acquisition of Asmodee, a leading global publisher and distributor of modern board games and trading cards, with a portfolio of iconic game brands including Catan, Ticket to Ride, Pokémon, Star Wars and Dobble.

PAI’s decision to acquire Asmodee was based on its attractive market segments, leadership position in key markets, existing strategic long-term partnerships, innovation pipeline with more than 300 games launched annually, M&A opportunities in a fragmented market, and its experienced management team.

Asmodee grew significantly under PAI ownership, displaying solid double-digit organic growth while pursuing a value-accretive M&A strategy. This highly ambitious strategy over the course of three years created an undeniable leader in board games, leaving Asmodee ideally positioned to continue its successful journey with the long-term support of its new owners. In March 2022, PAI completed the sale of Asmodee to publicly traded video gaming and media group, Embracer Group.

PAI’s thematic approach to investment

PAI’s local presence helped facilitate a relationship with management two years prior to the transaction and a strong dialogue was established thanks to the firm’s knowledge of the consumer sector and track record in developing leading brands.

In line with PAI’s thematic approach to investment, the acquisition of Asmodee capitalised on a number of important sub-sector trends, including the growing need for physical social interaction with consumers increasingly experiencing digital fatigue and the rising value of strong IP within the broader entertainment world.

Asmodee’s transformation journey

PAI transformed Asmodee from a leader in the niche board game sector into a global transmedia platform, with sales more than doubling during three years of ownership.

With PAI’s support, the company accelerated its transformation towards a more customer-centric organisation and further reinforced its portfolio of iconic global brands with the likes of Werewolves, Azul, Exploding Kittens and Dixit amongst others.

M&A served as a key growth driver in building a global leader in board games. Asmodee completed 18 acquisitions during PAI ownership, including the acquisitions of some of the most successful board game publishers, as well as distributors and e-commerce specialists.