Turtle Seaside is buying Efficiency Designed Merchandise [PDP] in a $118 million deal that brings collectively two main third-party gaming accent manufactuers.
In a launch asserting the merger, Turtle Seaside mentioned that it expects the acquisition to “present extra scale and create future growth alternatives.” Turtle Seaside says it expects the deal to drive 2024 web income within the vary of $370 million to $380 million.
“Buying PDP at a sexy valuation a number of relative to the buying and selling multiples of friends implies potential important upside in market worth for the mixed firm,” Turtle Seaside mentioned.
As a part of the deal, Los Angeles-based personal fairness agency Diversis Capital, at the moment PDP’s main proprietor, will turn out to be Turtle Seaside’s largest shareholder at 16 p.c. Turtle Seaside additionally introduced that it’s appointing Cris Keirn, who has served as interim CEO since July 2023, as the corporate’s CEO going ahead.
Turtle Seaside acquires the creators of the Fortnite Competition guitar controller
Turtle Seaside was established again in 1975 and over time has made a reputation for itself in gaming with its headsets, controllers, and different equipment. In our latest record of the very best PC controllers for gaming, we listed the Turtle Seaside Recon and the Turtle Seaside Stealth Extremely as two of the very best choices out there in 2024.
As for PDP, it’s set to launch the Riffmaster wi-fi guitar controller later this 12 months, which will likely be suitable with Rock Band 4 and finally Fortnite Competition. We have been in a position to go hands-on with the Riffmaster in our first take a look at the brand new controller.
Turtle Seaside’s merger with PDP continues the general development of consolidation inside the video games business, essentially the most notable latest instance being Xbox’s blockbuster acquisition of Activision Blizzard.
Kat Bailey is IGN’s Information Director in addition to co-host of Nintendo Voice Chat. Have a tip? Ship her a DM at @the_katbot.