Tag Archives: Ticket to Ride

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
– Image from forbes.com

Boardgames in the News: Osprey Plays Games at Blackwell’s

On 28th April 2018, Blackwell’s Bookshop in Oxford are holding their second games night in collaboration with Osprey Games, a small games publisher based up Cumnor Hill.  Originally owned by Berkshire Printing, part of Brooke Bond, the tea company, Osprey was formed in 1969 to publish “Aircam Aviation“, a series of books that grew out of the aviation illustrator Richard Ward’s work on the collectable tea cards.  In 1998, Osprey became an independent company and moved from London to Oxford and began focusing exclusively on publishing on warfare and military history books.  Over the last ten years, Osprey has been publishing the Bolt Action rules used for World War II simulation games, but more recently has also engaged in reprinting some of the lesser classic board/card games.  This includes Martin Wallace’s London, Reiner Knizia’s High Society and Patrick Reid’s semi-cooperative game, Escape from Colditz.

Osprey Games
– Image from tabletopgamingnews.com

Blackwell’s is a very well known independent Oxford bookshop, but given the increasing popularity of board gaming in Oxford, they have jumped on the band-waggon and now stock a moderate range of modern board games including staples like Ticket to Ride and Carcassonne.  Last October when London was re-released, Blackwell’s had copies available for pre-order for significantly less than they were being sold for at Essen a couple of weeks later.  Since then, Blackwell’s have had good deals available for other Osprey games as well, including Star Cartel and The Lost Expedition.  It is clear that Blackwell’s and Osprey Games are building a strong working relationship which was consolidated back in February when they held their first joint board games evening at Blackwell’s Bookshop on Broad Street.  This was clearly very successful, as there is now a second games evening planned for Saturday 28th April, 7pm-10pm.  There is a £4 entry fee, but that includes a free drink at the bar.

Blackwell's Bookshop Oxford
– Image from theguardian.com

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.

K2
– 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
– Image from forbes.com

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.

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
– Image from twitter.com

Boardgames in the News: Radio 2 and Online

Over the last few years there has been a lot of anecdotal evidence that modern boardgames are becoming less of a niche activity, with a large number of reports in local and national media.  Last month alone, there was a prime-time article on BBC Radio 2‘s flagship Breakfast Show, where Chris Evans interviewed Dicky Duerden, Head of Games at the Chance & Counters Games Cafe in Bristol.  The interview took place shortly before 9am (2hrs 13 mins into the show) and discussed classic games like Connect Four and Kerplunk as well as their most popular games, Scrabble and Jenga.

Chris Evans
– Image from bbc.co.uk

The interview included a couple of nice little anecdotes, for example, Dicky Duerden explained that Battleship began life as a French game called “L’Attack” and was renamed twice, changing to “Salvo”, then “Broadside” before finally becoming “Battleship”.  He was also asked whether they have problems with players having temper tantrums and whether people lose pieces or walk off with them.  Apparently, Chance & Counters has heavy unflippable tables with shelves to store the games and cup-holders to help prevent spillage.  So, the most damage they’ve had to a game was when someone stole all the marbles from Hungry Hungy Hippos—presumably the thief couldn’t stand the noise!

Hungry Hungry Hippos
– Image from medium.com

Modern boardgames have also featured in print and other media channels.  For example, the literary and cultural commentary magazine, The Atlantic, recently reported how U.S. sales of boardgames grew by twenty-eight percent between spring 2016 and spring 2017.  They put this increase down to the rise in popularity of card games like Cards Against Humanity, Secret Hitler, and Exploding Kittens as well as what they initially refer to as “hobby” boardgames.  Although the article is written from a US perspective, it includes a nice commentary from Phil Eklund, head of Sierra Madre Games and designer of Pax Porfiriana, Greenland and Bios: Megafauna amongst others.  The interview with Phil Eklund is excellent and well worth a read; it includes discussion of Essen and Spiel des Jahres as well as discussion of a wide range of games including Power Grid, Biblios and El Grande rather than just the usual Settlers of Catan and Ticket to Ride.

Biblios
– Image by BGG contributor Schaulustiger

Every report about the growth of modern boardgames hides something less cheerful:  the number of stores that have closed in recent time.  As demand for modern games increases, so does their availability at places like Amazon, and that increases the pressure on an already squeezed niche.  In the last year or so, several excellent and well established stores have closed including Shire Games and Northumbria Games.  With prices continuing to rise—a new big-box game is rarely below £50 these days—and the growth of crowd-funding, more and more gamers are looking for discounts where they can.  The boardGOATS are lucky to have three excellent outlets locally, Eclectic Games (in Reading), Thirsty Meeples and The Gameskeeper (both in Oxford).  Perhaps the Chris Evans interview will encourage more people to pay them a visit.

Money
– Adapted from Image by Petras Gagilas (flickr.com)

Essen 2017

It is that time of year again when the gamers’ minds turn to Essen and – The Internationale Spieltage.  To Gamers worldwide, Essen is synonymous with the largest games fair in Europe and, arguably, the world.  The fair runs Thursday to Sunday in mid/late-October every year and is the one of the biggest and most significant of all the boardgame conventions with many new releases and timed to coincide with the end of October.  This year the first day will be this Thursday, 26th October and games, publishers and their wares are all making their way to Germany for four days of fun and games.

Essen
– Image from merz-verlag-en.com

Last year several of the group went, and they came back with a lot of expansions for well-loved games like Istanbul, Colt Express, and Orléans and picked up some new games like Key to the City – London, Ticket to Ride: Rails & Sails and Cottage Garden.  This year, new games include Queendomino, Indian Summer, Altiplano and Keyper, with expansions to old favourites like Isle of Skye, Imhotep, Ticket to Ride, Terraforming Mars and Splendor as well.  Once again, several locals are going and they are sure to bring back some interesting toys to play with over the coming months.

Keyper
– Image used with permission of designer Richard Breese

Game Plan: Rediscovering Boardgames at the V & A Museum of Childhood

Inspired by the recent articles on Saturday Live and the Today Programme, on Easter Sunday, Pink and Blue decided to visit the V & A Museum of Childhood to see their “Game Plan: Board Games Rediscovered” exhibition.  Catching a train from Oxford Parkway and negotiating the London Underground, they arrived in Bethnal Green.  With its vaulted ceiling and exposed metal work, the Museum building looks for all the world like a re-purposed Victorian Civil building, a train station, swimming pool or maybe some sort of pumping station.  Much to their disappointment, however, after extensive discussion and investigation, it turned out that the building was designed for the purpose, albeit after relocation of parts from “Albertopolis” on Exhibition Road.

Game Plan: Board Games Rediscovered
– Image by boardGOATS

The exhibition itself was well presented and occupied a sizeable portion of the overall floor space.  Although it was located in one of the upstairs galleries, the exhibition was well advertised and, from entering the main hall, games were brought to the visitors’ attention with table space and signs offering the loan of games should people want to play.  It wasn’t an idle promise either, as there were several family groups making full use of the opportunity, albeit playing what might be called classic games rather than more modern, Euro games.

Senet
– Image by boardGOATS

A quick look at the model train cabinet and brief spell side-tracked by one or two other exciting toys preceded entry to the exhibition which was shrouded by an eye-catching red screen.  The first exhibit was a copy of Senet, arguably one of the oldest games in the world – so old in fact that we’ve lost the rules and nobody knows how to play it.  This was followed by some traditional games including a beautiful wooden Backgammon set made in Germany in 1685 and decorated with sea monsters and a lot of fascinating Chess sets, old and new.  Next, there were some ancient copies of Pachisi (which evolved into Ludo) and Snakes and Ladders, both games that originated in India and were originally played seriously by adults.

Game Plan: Board Games Rediscovered
– Image by boardGOATS

Further round there were many other curious games, for example, The Noble Game of Swan from 1821, which was an educational game for children, itself developed from the much older, Game of the Goose.  Education was a bit of theme and there were a lot of games from the nineteenth and early twentieth century designed to teach geography in some form or another.  These included Round the Town, a game where players had to try to cross London via Charing Cross, and Coronation Scot, a game based on travelling from Glasgow to London inspired by the eponymous 1937 express train made to mark the coronation of George VI.

Game Plan: Board Games Rediscovered
– Image by boardGOATS

Education didn’t stop there either:  for those that had been members of RoSPA‘s “Tufty Club“, there was a game promoting road safety featuring Tufty the Squirrel and his mates Minnie Mole and the naughty Willy Weasel.  However, when designing this roll-and-move game, they clearly ran out of imaginative “adventures” with a road safety message, as they had to resort to “Picking and eating strange berries – Go back three spaces…”

Tufty Road Safety Game
– Image by boardGOATS

Progressing through the late twentieth century, there were the inevitable copies of the childhood classic games, including Game of Life, Risk, Cluedo, Mouse Trap, Trivial Pursuit, Connect 4, Scrabble and the inevitable Monopoly, all of which risked bringing a tear to the eye as visitors remembered playing them as children.  The exhibition eventually brought us up to date with modern Euro-style games, presenting copies of Ticket to Ride, Carcassonne and Settlers of Catan.

Pandemic
– Image by boardGOATS

More interestingly, there was also an original prototype of Pandemic supplied by the designer, Matt Leacock, complete with his scribbles and bits of paper stuck over infection routes he decided to remove as the game developed.  One of the final display showed how the influence boardgames have had on the computer gaming industry is sometimes strangely reciprocated, with a copy of the Pac-Man game, including the title figure wrought in sunshine yellow plastic.

Pac Man
– Image by boardGOATS

Leaving the exhibition, there was just one last game – “What’s Your Gameface?“.  This cute flow chart entertained Blue and Pink for far longer than is should have as they tested it out with all their friends, relatives and fellow gamers (nobody came out as “Cheater”).

Game Plan: Board Games Rediscovered
– Image by boardGOATS

With the exhibition done, there was still time for a wander round the rest of the museum and a quick cuppa in the cafe.  Reflecting on the exhibition, perhaps one of the best aspects had actually been the quotations that adorned the walls.  It seems luminaries from Plato to Roald Dahl have all had something to say on the subject of games.  Perhaps George Bernard Shaw supplied the most thought provoking comment though, when he said, “We don’t stop playing because we grow old; we grow old because we stop playing.”  With this in mind, we did what gamers do when they travel, so tea and cake was accompanied by two rounds of Mijnlieff, the super-cool noughts and crosses game.  With the museum closing, it was time to head home, but there was still time for a game or two of 3 Sind Eine Zu Viel! on the train back to Oxford…

Game Plan: Board Games Rediscovered
– Image by boardGOATS

The Exhibition is only open till 23rd April 2017, so there isn’t much time left and it is well worth a visit.