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Axcel agrees to sell SteelSeries to GN Store Nord for DKK 8bn

Danish private equity firm Axcel has agreed to sell its gaming hardware company SteelSeries to GN Store Nord, a manufacturer of hearing aids and headsets.

GN Store Nord will pay 8bn Danish Krone (~£915.18m) for SteelSeries, with the acquisition expected to close at the beginning of 2022. As of this writing, the transaction is still subject to approval.

Photo credit: SteelSeries

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According to the release, Steelseries recorded revenue in excess of 2bn Danish Krone (~£228.79m) in 2020. Moreover, the company has reported a 56 per cent increase in revenue for the first half of 2021. SteelSeries has confirmed that it will continue to operate as an independent brand following the purchase. 

Ehtisham Rabbani, CEO of SteelSeries, commented: “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.”

Throughout the transition, Axcel and SteelSeries were advised by Rothschild & Co and Gorrissen Federspiel.

In 2021, SteelSeries has secured a range of deals within the esports sector. Most notably the brand has partnered with Dota2’s The International 10, T1 Entertainment & Sports, and BLAST Premier.

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René Svendsen-Tune, CEO of GN Store Nord and GN Audio, added: ”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.”

Esports Insider: This is a significant purchase that includes a huge price tag. Given SteelSeries’s growth, and the development of gaming and esports as a whole, the deal probably warrants the amount. Moreover, GN Store Nord’s expertise with headsets and audio solutions will undoubtedly benefit SteelSeries’s products.

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