Turtle Beach Is Buying Fortnite Festival Guitar Creator PDP for $118 Million
Turtle Beach is acquiring Performance Designed Products [PDP] in a $118 million deal that brings together two major third-party gaming accessory manufactuers.
In a release announcing the merger, Turtle Beach said that it expects the acquisition to "provide additional scale and create future development opportunities." Turtle Beach says it expects the deal to drive 2024 net revenue in the range of $370 million to $380 million.
"Acquiring PDP at an attractive valuation multiple relative to the trading multiples of peers implies potential significant upside in market value for the combined company," Turtle Beach said.
As part of the deal, Los Angeles-based private equity firm Diversis Capital, currently PDP's major owner, will become Turtle Beach's largest shareholder at 16 percent. Turtle Beach also announced that it is appointing Cris Keirn, who has served as interim CEO since July 2023, as the company's CEO going forward.
Turtle Beach was established back in 1975 and over the years has made a name for itself in gaming with its headsets, controllers, and other accessories. In our recent list of the best PC controllers for gaming, we listed the Turtle Beach Recon and the Turtle Beach Stealth Ultra as two of the best options available in 2024.
As for PDP, it is set to release the Riffmaster wireless guitar controller later this year, which will be compatible with Rock Band 4 and eventually Fortnite Festival. We were able to go hands-on with the Riffmaster in our first look at the new controller.
Turtle Beach's merger with PDP continues the overall trend of consolidation within the games industry, the most notable recent example being Xbox's blockbuster acquisition of Activision Blizzard.
Kat Bailey is IGN's News Director as well as co-host of Nintendo Voice Chat. Have a tip? Send her a DM at @the_katbot.
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