Boardgames in the News: Asmodee Changes Hands Again and Lots of Money is Made

Asmodee started life as a small French company best known for clever little Snap-variant card game, Dobble.  However, a series of mergers, buyouts and distribution agreements has left the company with a stake in some of the best known modern games including Ticket to Ride, Settlers of Catan, Pandemic and Carcassone.  As a result, the company is arguably the most dominant force in the world of modern board games.

– Image adapted by boardGOATS

Paris-based private equity house Eurazeo had owned Asmodee for four years, when three and a half years ago, they sold it to another private equity firm, PAI Partners.  At the time, Asmodee, had an enterprise value of €1.2 billion, making €565 million for Eurazeo and its investors and giving a return of about 35%.  Over the last year, Asmodee acquired Plan B Games, the US retailer Minature Market and, following its success during the global pandemic, the games online platform Board Game Arena.  This activity was building towards another potential sale and last autumn, with PAI Partners making preparations to sell Asmodee for a reported €2 billion.

PAI Partners
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Then, just before Christmas a deal was announced with Sweden’s Embracer Group AB for €2.75 billion.  Embracer Group AB were formerly Nordic Games Licensing AB and THQ Nordic AB and are a Swedish video game company based in Karlstad.  Under this deal, Asmodee would continue to operate much as before, as an operating group within the Embracer Group.  No reorganization is expected and Asmodee’s CEO Stéphane Carville together with his management team would continue in their current roles.

Embracer Group AB
– Image from