With revenue in excess of DKK 2 billion in 2020, SteelSeries has more than doubled its sale of premium gaming gear for esports professionals and enthusiast gamers during Axcel’s ownership. The rapid growth is based on a relentless focus on quality, innovation and functionality, which has enabled SteelSeries to win market shares in a growing market. In addition to strong organic growth, SteelSeries has conducted a number of successful acquisitions, including A-Volute and KontrolFreek. In the first half of 2021, SteelSeries reported a 56% increase in revenue to around DKK 1.3 billion with a 130% increase in adjusted EBITDA to DKK 189 million.
Lars Cordt, Partner at Axcel, said: “The SteelSeries team has during our ownership done an impressive job in outgrowing the market, launching new attractive hardware and software products while at the same time successfully integrating select acquisitions. We are very pleased to have been part of this successful journey.”
Ehtisham Rabbani, CEO of SteelSeries, said: “I am so proud of how far we have come since Jacob Wolff-Petersen founded the business in 2001. With Axcel’s stewardship, we have solidified our leadership of premium gaming peripherals. But we have only just begun. With GN to support us, we are well positioned to continue to push boundaries in esports and gaming with world-class products and software.”
René Svendsen-Tune, CEO of GN Store Nord and GN Audio, said: ”We have great admiration for what SteelSeries has accomplished in the esports and gaming industry and are delighted to welcome them to the GN family operating with its own identity, brand and execution. Our combined expertise in serving customers through industry-defining innovation will make us a formidable team.”
The transaction is subject to approval by the relevant competition authorities and is expected to close in the beginning of 2022.
Axcel and SteelSeries were advised by Rothschild & Co and Gorrissen Federspiel.