Tag Archives: Dobble

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
– Image from paipartners.com

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 embracer.com

Boardgames in the News: The Effects of Covid-19 Continue into 2022

The global pandemic has had a huge impact on every area of life, including gaming.  Although a lot game groups have been forced to move their activities online or even close and manufacturers have struggled, there was also a reported increase in games sales (including games as diverse as Monopoly, Dobble and Warhammer) as families searched for activities to keep them amused while stuck at home.  Many games conventions were cancelled or moved online in 2020 and were reduced in size with restrictions put in place for 2021.

Essen 2019
– Image by boardGOATS

It was hoped that 2022 would bring the end of such things, however, it has recently been announced that both the New York Toy Fair and Spielwarenmesse (aka the Neuremburg Toy Fair) have been cancelled.  The company that runs Spielwarenmesse also now also run the International Spieltage, SPIEL (at Essen), but it is not yet clear what effect this will have on that if any.

Boardgames in the News: Gaming at a Distance

With so many people tucked up at home there has been some debate as to whether this will encourage people to play games more.  Among gamers, there has been a lot of discussion about solo games where players compete against the game, but this loses the social aspect.  Online gaming is also an option; this can enable playing with real people, but loses the tactile element of gaming that so many people love.  In most cases though, people are not “home alone”, they are with family, so perhaps this is an opportunity to play games with them?

Cities of Splendor
– Image by boardGOATS

The occasional board game column in The Guardian has published a list of twenty family games including some modern family classics like, Ticket to Ride: London, Splendor, Kingdomino, Dobble and (inevitably) Pandemic.  It also includes a few, more recent games, like Wingspan, and Just One, as well as some less well known games like Patchwork Express, Legacy of Dragonholt and Blue Lagoon.

– Image by boardGOATS

There has some suggestion that there has been a flurry of buying games to play with their families, but is there any real evidence of this?  Anecdotally, there have been comments that prices of games have increased on Amazon.co.uk which could indicate an increase in sales.  The website camelcamelcamel.co.uk tracks prices on Amazon, and it seems to indicate that prices for many popular light games have increased in the last week.

Ticket to Ride: Europe on camelcamelcamel.co.uk (23/03/20)
– Image by boardGOATS from camelcamelcamel.co.uk

There is another possible reason though: Amazon has suspended warehouse services (storage and shipping) of non-medical supplies and “high-demand” products for third party sellers.  This would have the effect of pushing prices up.  A lot of Friendly Local Games Shops sell online though, and many of these have sales on at the moment, so why not support one of the small businesses that are struggling at the moment, and leave Amazon to deal with toilet rolls and hand sanitiser?

Boardgames in the News: Is Rapid Market Growth a Good Thing?

The way boardgames are published and sold has changed massively over the last few years.  The development of Asmodee is one of the main stories of the last decade:  it has grown from a small company (primarily known for clever little kids games like Dobble), into an industrial conglomerate swallowing up the likes of Days of Wonder, Fantasy Flight Games, Z-man Games, Mayfair, Lookout Spiele and most recently, Repos Production.  There have been other significant shifts too however. Changes in the way “hobby gamers” learn about and acquire games has been hugely influenced by the internet and with it, the rise of crowdfunding, in particular, KickStarter.

KickStarter Logo
– Image from

To give an idea of the impact KickStarter has had:  last Easter, they announced that more than one billion US dollars had been pledged by over three million backers, funding nearly seventeen thousand games projects since the platform started a decade earlier.  This growth occurred in tandem with a huge expansion in the hobby which has seen modern boardgaming move from the shadows of a dingy corner of geekdom towards the sunny uplands of the mainstream.  For the last five years, there have been more games released than any year previously.  Despite this growth, the dominance of Asmodee and KickStarter, have increased the squeeze on the smaller players in a relatively niche market.

Alderac Entertainment Group (AEG) Logo
– Image from alderac.com

These smaller players also flourished as the market grew, but maybe a corner is now being turned.  Last year, Alderac Entertainment Group (AEG), producers of games including Smash Up, Love Letter, Cat Lady, Dice City, Thunderstone, and more recently, Ecos: First Continent, announced that after twenty-seven years in the industry, they will be making fewer games.  From their press release:

“There is a reason why there are so many games coming. It is a great time to be making games, maybe the best ever. That does not mean it is easy. In fact, it is also the most challenging time to be making games that I can remember. The bar to get noticed and have any kind of staying power is higher than it has ever been.”

AEG are not the only company affected.  US Publishers, Winsome Games (producers of train games like TransAmerica, Chicago Express, Age of Steam, Railways of the World and the 18xx family of games) have announced they will no longer be presenting new games at Essen.  Part of this is due to owner and developer John Bohrer “aging (dis)gracefully”, but changes in the market have also no doubt taken their toll.

Steve Jackson Games Logo
– Image from sjgames.com

Other companies also seem to be feeling the pinch; last year, Steve Jackson Games (perhaps best known for games like Munchkin, Ogre and Cthulhu Dice) reported that gross income for 2018 was slightly down, the fourth year in a row.  In their 2017 report, they stated that “the current market is more a periodicals business than one that encourages growing and nurturing single games”.  In the 2018 report they observe that “things only got worse … as fewer and fewer copies of new titles were sold into distribution” and as a result, they “were forced to let some talented and hardworking staff go”.  As a company, they have expanded their use of KickStarter, observing that “over the last few years, our core hobby market has changed dramatically”.

Fantasy Flight Games Logo
– Image from

Even the massive behemoth that is Asmodee is not unaffected.  About eighteen months ago, Asmodee was bought from Eurazeo by PAI Partners, a European private equity company, and  it seems they are now consolidating and streamlining their assets.  Earlier this month, Timothy Gerritsen, Head of Studio announced the closure of Fantasy Flight Interactive (FFI).  FFI was an independent subsidiary within Asmodee Digital with the remit of adapting tabletop games and creating new digital experiences based on Fantasy Flight Games’s best loved brands.  One of the highest profile of these was the Lord of the Rings: Adventure Card Game, but unfortunately it was not as successful as the Lord of the Rings Living Card Game it was based on.

Asmodee USA Logo
– Image from asmodeena.com

The cuts at Asmodee were wider reaching though, with the initial closure of the Fantasy Flight Customer Service department followed by reports of redundancies elsewhere in the company.  This has been more recently followed by a withdrawal of Customer Services for products all products from Asmodee, Fantasy Flight Games, Days of Wonder, Catan, Plaid Hat Games and Z-Man.  This change in policy is apparently due to “the number of quality titles in Asmodee USA’s growing library” which is making “maintaining an independent stock of elements of each game … more difficult”.  This may, or may not be true, but it is clear that as the market is growing, things are changing for everyone:  gamers and publishers, both big and small.

Boardgames in the News: Asmodee Acquiring Again

The development of Asmodee from a small French games company primarily known for clever little kids game like Dobble and Jungle Speed, into an industrial conglomerate has been covered extensively here.  Over the last decade or so, they have acquired Days of Wonder, Fantasy Flight Games, Z-man Games, Mayfair and Lookout Spiele amongst others.  They have also leveraged control of the distribution network through the purchase of Esdevium (UK), Heidelberger Spieleverlag (Germany), Hodin (Belgium), Asterion Press (Italy), Millennium (Spain), FRED Distribution (USA) and agreements with Rebel (Poland), and Alliance Game Distributors (USA).  These acquisitions tend to come in flurries presumably as funds are made available and it seems they are in the middle of another one now.

Asmodee Logo
– Image from

In March last year, Asmodee signed a deal with CMON Ltd., to exclusively distribute the publisher’s board and tabletop games in North America.  Distribution agreements happen all the time because they help distribute costs between companies as well as distribute games to gamers all over the world.  What makes this agreement slightly more unusual is that CMON are a US company that have been successfully distributing their product across the USA.  Where Asmodee are concerned, a distribution agreement announcement is usually followed by more announcements, and this was no exception.  Over the Summer, Asmodee announced a similar distribution agreement with the Swiss publishing house, Helvetiq, and acquired the French-language boardgame site, Tric Trac.

– Image from cmon.com

For eighteen years from 2000, Tric Trac was an independent enterprise with some 40,000 members directed by Monsieur Phal (aka Philippe Maurin).  In 2018, Flat Prod SARL (the parent company), sold Tric Trac to Plan B Games, a new company that grew out of the fallout of Asmodee’s acquisition of F2Z/Filosofia/Z-Man Games etc., in 2016, and won the Spiel de Jahres Award with Azul.  Tric Trac has been more commercial than the popular US-based, English-language website BoardGameGeek, which has been running for a similar length of time.  However, there have long been suspicions of that Asmodee have received special treatment from Tric Trac, suspicions fueled by the fact that the parent company Flat Prod SARL was formed by Philippe Maurin and the company Plume Finance, which is wholly owned by Marc Nunès, original CEO of Asmodee.  However, with Asmodee being such an important part of the French boardgame industry, it is perhaps unsurprising that their games take a lot of space on French website dedicated to boardgames. 

Tric Trac Logo
– Image from trictrac.net

With France’s foremost website in the hands of such a dominant force, there are concerns about a lack of critical objectivity and that Tric Trac could ultimately become a promotion channel for Asmodee.  It may be that with the retirement of it’s founder, Asmodee bought Tric Trac to ensure its survival and make sure the source of French-language boardgame media remains available and there is no sinister motive.  They have promised the team editorial freedom, but it is highly likely that Asmodee are the ones benefiting the most from the site anyhow, simply because they’re the biggest player in the market, especially given their history as a French company.  Since then, however, Asmodee have signed another distribution agreement, this time with Funforge, to distribute the French publisher’s titles in the U.S., and today they announced the acquisition of the Belgian publisher, Repos Production.  Repos are best known for games like 7 Wonders, Ghost Stories, Concept, Ca$h ‘n Guns and this year’s Spiel des Jahres winner, Just One.  Sometimes it seems like every successful company is a target and soon Asmodee will have a strangle-hold on the modern boardgame market.  Some people say they already have.

Repos Production
– Image from google.com

Boardgames in the News: GOATS on the Radio

Christmas is a very special time for families, and what could be better than spending time playing games together.  To discuss some of the options, on Christmas Eve, representatives of boardGOATS and Didcot Games Club were invited to chat to James Watt at Radio Oxford’s Summertown Studio.  The interview started shortly after 2pm and lasted around twenty minutes.

Radio Oxford 2019
– Image by boardGOATS

Time was very limited, but PitchCar, Dobble and Ticket to Ride (specifically the festive Nordic version) were all discussed, and a game of Boom Boom Balloon was played live on air.  These are all all great fun family-friendly games, but there are many more available:  we listed ten of our favourite games to play with family a few years ago, and recently added another five.

Radio Oxford 2019
– Image by boardGOATS

The interview can be found online for a few weeks, and starts at 2:10:50.

Pink’s sPecial Party

It being a very special day for Pink, he decided he wanted to spend it playing games with friends and family at the Jockey.  The early arrivals set up PitchCar, including the new “Loop” expansion and others played Loopin’ Louis, Patchwork Express, Dobble and the surprise hit, Boom Boom Balloon.  Little-Lime won PitchCar (perhaps flicking talent runs in the family as Lime himself managed to complete the  loop at least three times), and almost everyone managed to lose Boom Boom Balloon at least once.  Late in the afternoon, a game of Scotland Yard was started with Pink as the fugitive, and finished almost before it was begun when he was quickly captured.  It was then restarted with Mrs. Lime as the fugitive and turned into an epic game that went on for a couple of hours with a brief break as people tucked into the buffet supper and amazing sticky-toffee pudding cake-desert provided by the Jockey Kitchen.

Boom Boom Balloon
– Image by boardGOATS

The evening continued with more games including No Thanks!, Finstere Flure (a.k.a. Fearsome Floors), Saboteur, …Aber Bitte mit Sahne (a.k.a. Piece o’ Cake) and Ice Cool.  The team of five eventually managed to corner Mrs. Lime, freeing up Pink to play his special request, Captain Sonar, which his team fittingly won, twice.  This was followed by a game of Ca$h ‘n Guns (it is always fun entertaining the bar staff by waving foam pistols about and threatening to shoot each other), before finishing with 6 Nimmt!, a game to match Pink’s socks.  It was a great day, and we all went home tired, but very happy, with Pink and Blue keen to thank everyone for sharing Pink’s sPecial day.

6 Nimmt!
– Image by boardGOATS

Boardgames in the News: Who are PAI Partners and what do they want with Asmodee?

A couple of months ago, Reuters reported that according to un-named sources, investment bankers had been hired to run the sale of Asmodee.  The claim was that the sale “could value the company at over €1.5 billion”, but there was no credible information as to who the potential buyers were.  This mystery has now been solved with the announcement that PAI Partners have entered into exclusive discussions to acquire Asmodee, a company with an enterprise value of €1.2 billion.  So, who are PAI Partners and what do they want with Asmodee?  Well, PAI is a European private equity company, that grew out of the merger between the French banks, BNP and Paribas in 1993, with a management buyout completed in 2001.  They have invested in a wide range of companies covering everything from yoghurt (Yoplait) to tyres (Kwik Fit) to cargo handling (Swissport).  Obviously PAI are interested in making money from Asmodee, but at this time there is no evidence to suggest that would by by asset stripping.  Price increases would be almost inevitable however, as the Studios would be under pressure to provide a good return on the investment.

PAI Partners
– Image from paipartners.com

Boardgames in the News: Asmodee For Sale‽

Over the last few years Eurazeo have developed Asmodee from a small French games company primarily known for a clever little kids game called Dobble, into an industrial conglomerate swallowing up the likes of Days of Wonder, Fantasy Flight Games, Z-man Games, Mayfair, and Lookout Spiele.  In the process, Asmodee added some of the most high profile modern boardgames to their portfolio, including Ticket to Ride, Carcassonne, Pandemic, Agricola, Star Wars X-Wing Miniatures Game, SplendorDead of Winter, Settlers of Catan (now known simply as “Catan”) and as of this weekLove Letter.  Speculation as to the end result has been rife, here and elsewhere.  Indeed, three months ago we raised the question:

…it would seem that Eurazeo is not looking to hold onto Asmodee for the long haul, instead they will be looking to maximise Asmodee’s growth and then make their exit, probably in the next two to five years.  So the big question is, how are Eurazeo going to make their “controlled exit”?

Reuters now reports that according to un-named sources, the answer is, “Sell Asmodee”.  Apparently, investment bankers have been hired to run a sale process which they claim could value the company at over €1.5 billion (quite a return for Eurazeo who originally paid €143 million for Asmodee in November 2013).  As yet, there is no credible information as to who the potential buyers may be, but if the news that Asmodee is to be sold is true, there will no doubt be plenty of speculation over the coming weeks and months.  Possibilities range from a major toy manufacturer like Hasbro or Mattel wanting to add expand their range of boardgames, to venture capitalists companies going for maximum short term profits, leading to reduced quality and increased prices.  No doubt, time will tell…

Asmodee Logo
– Image from

Boardgames in the News: What is Asmodee’s Grand Plan?

Four years ago, Eurazeo bought a small French games company called Asmodee from the investment firm, Montefiore.  Asmodee were a small company hitherto primarily known for a clever little kids game called Dobble.  With the financial might of their parent company behind them, over the next few years, Asmodee proceeded to gobble up many larger, well-established companies, including Days of Wonder, Fantasy Flight Games, Z-man Games and most recently, Lookout Spiele.  Those companies produced some of the best known modern games including Ticket to Ride, Carcassonne, Pandemic, Agricola and Star Wars X-Wing Miniatures Game.  Not content with that, they also acquired the rights to the English language version of the Settlers of Catan (now known simply as “Catan”) and all the related Catan games as well as gobbling up a number of smaller and/or newer companies like Space Cowboys (producers of Splendor and Black Fleet) and Plaid Hat Games (producers of Dead of Winter and Mice and Mystics) and entering into a distribution agreement with many others.  There are now very few games companies of any substance that are not somehow tangled in the Asmodee web.

Star Wars: X-Wing Miniatures Game
– Image used with permission of BGG contributor adamfeldner

The last major purchase was F2Z Entertainment in 2016, and since then it has been relatively quiet.  With the new year comes a new wave of acquisition, however, so at the end of January Asmodee announced that they were in exclusive negotiations with Rebel.  Rebel is a relatively small, Polish company responsible for games like K2 as well as Polish editions of many popular games like 7 Wonders and Codenames.  Perhaps more importantly, Rebel also produces the Polish language versions of many of the Asmodee games and is the largest distributor in Poland.  And Poland is a big country, smaller than France or Germany, but bigger than Italy and the UK,  globally Poland is the thirty-forth largest country by population.  That is a lot of Poles and they do like playing board games in Poland.

– Image used with permission
of boardgamephotos

This announcement was almost immediately followed by the bombshell that Asmodee had acquired all the residual assets from Mayfair and with it, Lookout Spiele. Although this is by far the largest deal in recent months, Asmodee have not been resting on their laurels and there has been a lot going on behind the scenes.  In December last year they announced that Esdevium was to be renamedAsmodee UK” bringing them in line with the “Asmodee North America” and “Asmodee Canada” brands.  At around the same time, Eurazeo announced that French publisher Purple Brain Créations would be joining the Asmodee Group.  Furthermore, they have also been streamlining their distribution network in North America.  Having reduced the number of distributors they deal with to five in 2015, in June last year Asmodee North America announced an exclusive distribution deal with Alliance Game Distributors, effectively creating a monopoly of supply within the USA.  This coupled with their Minimum Advertised Price policy (or MAP) gives them a stranglehold on the US market in a way that would never be allowed in Europe.  Whether they are planning to take that one step further and acquire Alliance themselves still remains to be seen, but that looks like a real possibility.  Finally, they have been pushing in a new direction, developing electronic versions of some of the most popular games through their studio, “Asmodee Digital“.

Asmodee Logo
– Image from

So what is Asmodee‘s Grand Plan?  Where will it all end?  Well, there are still a couple of other large manufacturers out there that are not yet part of Asmodee.  Looking at the companies they have already absorbed there is a clear trend: they typically have one particular feature that Asmodee are interested in.  In the case of Days of Wonder, that was the Ticket to Ride series, with Z-man Games it was Pandemic and Carcassonne, and with Rebel, it was probably their distribution network that caught the eye of the executives at Asmodee.  Going forward, the most obvious targets are probably Rio Grande Games, Czech Games EditionQueen GamesHans im Glük and maybe 2F, or Pegasus Spiele (who have just announced a partnership with Frosted Games).  For example, it would be surprising if Rio Grande Games have not been approached given the popularity of games like Dominion and Race/Roll for the Galaxy.  Similarly, Czech Games Edition are a small company with some very juicy morsels including Galaxy Trucker, Dungeon Lords/Petz, and the hugely successful Spiel des Jahres winner, Codenames.

– Image by boardGOATS

Ultimately they may or may not add some or all of these to the Greater Asmodee Empire, but it is clear that at some point, eventually, there will be nothing left worth taking over and growth of the company will plateau, so what happens then?  And this is the crux of the matter. Some have speculated that the aim is to add Hasbro to Asmodee’s ever growing dominion, but Hasbro has a market value of $11.9 billion—Asmodee are mere minnows in comparison.  On the other hand, the parent company, Eurazeo are worth approximately $5.7 billion, which at least puts them in the same ball park, although even they are small by comparison.  According to the “Vision” page on the Eurazeo website:

The purpose of Eurazeo is to identify, accelerate and enhance the transformation potential of the companies in which it invests, even long after its exit. An active and committed shareholder, Eurazeo assists its holdings in the long term – 5 to 7 years – with control over exit timing. An extensive role enabling it to combine business development and corporate social responsibility.

So, it would seem that Eurazeo is not looking to hold onto Asmodee for the long haul, instead they will be looking to maximise Asmodee’s growth and then make their exit, probably in the next two to five years.  So the big question is, how are Eurazeo going to make their “controlled exit”?  With this in mind it seems unlikely that acquiring Hasbro is on the agenda, but making Asmodee attractive to Hasbro just might be…

Hasbro Logo
– Image from stickpng.com