CHICAGO and GREENWICH, Conn., July 1, 2019 /PRNewswire/ -- L Catterton, the largest and most global consumer-focused private equity firm, today announced it has entered into a definitive agreement to sell SteelSeries (the "Company"), the leading global gaming platform, to Axcel, a Nordic private equity firm. The founder, Jacob Wolff-Petersen, and management will re-invest alongside Axcel. Terms of the transaction were not disclosed.
Since its founding in 2001, SteelSeries has created beautiful and innovative products tailored to serve the needs of professional and enthusiast gamers everywhere. As the partner of choice for the world's top esports competitors and teams, SteelSeries has become the leading premium brand in the gaming category, offering the most advanced integrated software and hardware platform for professional and enthusiast gamers alike playing across all modalities. The Company's high-performing products and dedication to meeting the needs of the pro gaming community has led to esports professionals winning more prize money with SteelSeries products than any other gaming peripherals brand.
"In L Catterton, we found a partner who recognized the enormous potential of our brand at a time when video gaming had not yet hit the mainstream. Our partnership has enabled us to relentlessly innovate and expand upon our leading suite of products while investing in the development of our SteelSeries Engine software platform," said Wolff-Petersen. "We look forward to building on this momentum to capitalize on continued category opportunities and provide essential, high quality products to more gamers across the world."
"We are proud of what we have accomplished with Jacob and the SteelSeries team over the course of our partnership," said Nik Thukral, a Managing Partner at L Catterton. "Since the time of our investment, we have worked closely together to assemble one of the most experienced and effective management teams in the business while investing in developing a digital-first strategy and world-class R&D capabilities. SteelSeries' exciting achievements are also a testament to our partnership with CEO Ehtisham Rabbani and his team and we are confident that the Company is well positioned for continued success as it enters its next stage of growth under his leadership."
L Catterton has significant experience investing in leading consumer technology companies. Current and previous investments include Peloton, ThirdLove, Vroom, Cellular Line and Micromania.
Moelis & Company LLC served as financial advisor and Plesner as legal counsel to SteelSeries in connection with the transaction.
About SteelSeries
SteelSeries is a leading and fast-growing global gaming platform focused on quality, innovation and functionality. Founded in 2001 in Copenhagen, SteelSeries improves performance through first-to-market innovations and technologies that enable gamers to play harder, train longer, and rise to the challenge. SteelSeries is a pioneering supporter of competitive gaming tournaments and eSports, connecting gamers to each other to foster a sense of community and purpose. SteelSeries' team of professional and gaming enthusiasts help design and craft every single accessory and are the driving force behind the company.
About L Catterton
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of more than 180 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.
Contacts
SteelSeries
Christian Cooper, PR Manager
E-mail: [email protected]
Stefanie Mazer, Director of PR
E-mail: [email protected]
L Catterton
Andrea Rose / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
SOURCE L Catterton
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