Tue 02/09/2021 13:18 PM
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Private equity firm Gilde Buy Out Partners has started a sales process for German gaming company Caseking, setting the price tag at a multiple of more than 15x based on an EBITDA of €65 million, sources told Reorg.

The deal is attracting a variety of private equity funds, although the first bidders have dropped out from the process after the sponsor declined to amend its enterprise value expectations, sources said. Continue reading for our EMEA Middle Market team's update on Caseking sale process, and request a trial for access to our analysis and reporting on hundreds of other stressed, distressed and performing credits.

The transaction is expected to involve debt financing.

Sources added that the gaming sector is attractive as it provides recurring revenue opportunities as gamers spend more time online and have increased their spending on gaming equipment during the Covid-19 pandemic.

Gilde acquired Caseking in 2018 from private equity firm Equistone. Based in Berlin, the company provides high-end performance gaming computer systems, equipment and peripherals for business-to-customer and business-to-business customers, according to Gilde’s website.

The sponsor did not reply to Reorg’s request for comment.

--Kerstin Kubanek
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