Turtle Beach, an age-old peripherals brand that everyone has heard of, has recently acquired PDP – a competing firm – for $118 million. That acquisition reportedly includes $79.9 million in cash, and expectations are that hte acquisition will ‘result in $390 – $410 million in revenues over the next 12 months’, per GamesIndustry.biz.
While Turtle Beach is famed for the long-time creation of a diverse range of gaming headsets, PDP has somewhat dominated the licensed controller market, focusing mostly on Nintendo and Xbox peripherals.
And a New CEO to Boot
Turtle Beach recently broke the news that it had acquired PDP for $118 million – but that wasn’t all. At the same time, the New York-headquartered firm announced its new CEO – Chris Keirn – who has been with the company for more than a decade. He offered up a statement of positivity as the PDP acquisition closed:
I’m honored to work with the amazing team at Turtle Beach, now including our new colleagues from PDP, as we continue to deliver fantastic new products for gamers and value to our shareholders. Working with our industry partners, and with the combined expertise of our teams, we will drive a transformational change to the company’s scale and execution with innovation and expansion of our leadership positions across gaming accessory categories.
PDP’s range will bolster Turtle Beach’s offering substantially. The brand is most recognisable for themed, colourful controllers that can typically be spotted from a mile away, often boasting gaudy RGB lights of some description. Like Turtle Beach, PDP offers a dramatically wide range of productions, spanning cheap and easy headsets to controllers worth $179 that give the Xbox Elite series a run for its money.
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