Dutch puzzle company poised for sale, could fetch up to €550 million
Keesing Media Group, one of the world’s largest puzzle media companies, is being prepared for sale by its private equity owner BC Partners, as investor interest in “braintainment” continues to rise. The company, which produces puzzles across print, online, and app-based platforms, could fetch up to 550 million euros, as reported by Financial Times.
BC Partners has hired Rothschild to explore strategic options for the Dutch company, according to sources familiar with the situation. Potential buyers include rival private equity firms and media companies, with a deal expected before summer.
Founded in 1911, Keesing is a market leader in puzzle content, offering a wide range of games from sudoku to crosswords. It publishes its own magazines and supplies puzzles to newspapers and media outlets worldwide. The company has around 13,000 products in 20 countries and over 200 digital games. It also owns a stake in brain training app provider Elevate Labs.
Despite the shift to digital platforms, puzzles remain a popular pastime. In 2022, the New York Times acquired word game Wordle to boost online subscriptions. Other news apps, such as Apple News, have also incorporated puzzles to attract users. Keesing supplies games to Netflix for use on its streaming platform.
Keesing’s projected revenue for 2025 is approximately 300 million euros, with expected earnings before interest, tax, depreciation, and amortization (EBITDA) of 60 million euros. The company has expanded through acquisitions, including its 2022 purchase of Kappa Publishing, a leading U.S. puzzle magazine and activity book publisher. Other acquisitions include Pleyades, Spain’s oldest puzzle publisher, and Küng Gruppe, the Swiss market leader.
BC Partners acquired Keesing from Ergon Capital and Mediahuis in January 2021 for an estimated 300 million euros. The firm has since been working to exit several investments, selling approximately 13 billion euros in portfolio stakes over the past 18 months, including drugmaker Synthon in December.
