GN Store Nord to acquire SteelSeries
Electronic production | 07 October 2021
Danish supplier of hearing, audio and video systems has signed an agreement to acquire SteelSeries, a supplier of gaming equipment. GN acquires SteelSeries from Nordic private equity firm Axcel
The total value of the transaction stands at DKK 8.0 billion (€ 1.07 billion), and the company expects to complete the transaction by early 2022. SteelSeries presents an attractive new growth opportunity for GN. The acquisition of SteelSeries will bring complementary engineering skills, commercial capabilities, differentiated brands, a large customer base and a high growth product offering, adding additional technical expertise and intellectual property to GN. “We have been looking for some time for the right path for GN to enter the very interesting gaming market, with a keen interest in the ‘high end’ segment. SteelSeries responds to our aspiration and we see a perfect match in terms of technological and business capabilities, premium brand positioning and growth ambitions. SteelSeries brings a highly relevant and competitive portfolio and strong engineering skills. The combination of our strengths will benefit both organizations as we move into a future where demand for our product portfolios will continue to be strong, ”said René Svendsen-Tune, CEO of GN Audio, in a press release. Ehtisham Rabbani, CEO of SteelSeries, adds, “SteelSeries is a premium gaming equipment brand dedicated to helping gamers achieve glory. We are thrilled to be part of GN. The fit is perfect because we both share a relentless drive to create cutting edge technology to delight our customers. We see great benefit in leveraging the unique strengths of each organization to build an even more great and unified business. Originally founded in Denmark in 2001, SteelSeries is a supplier of gaming equipment. The company is best known for its high-end gaming headsets, software-enabled and system-integrated keyboards and mice. The gaming equipment market has experienced significant growth in recent years and is expected to continue to grow in the medium term at around 7-8% per year. SteelSeries has successfully executed its strategy in the high end segment of this high growth market and has gained significant market share in recent years through its strong and innovative product offering and relentless business execution. In addition, SteelSeries acquired French company A-Volute and US company KontrolFreek in 2020, adding additional software engineering capabilities and strengthening its position in the console equipment market. SteelSeries has approximately 350 employees (including 80 software engineers) and has offices in Denmark, France, United States, China and Taiwan.