Keesing is the European leading publisher of puzzle magazines (e.g., crosswords, block words, Sudoku and colouring books). Founded in 1911, the company generates the bulk of its turnover through the sale of branded paper puzzle magazines (e.g., Denksport, Megastar and Sport Cérébral) to press shops and kiosks, supermarkets, petrol stations and book stores. The remaining sales are generated directly from B2C subscriptions, B2B contracts and online puzzle applications. Keesing sells puzzle magazines annually across 11 European countries, of which France, the Netherlands, Belgium, Sweden and Denmark are the company’s core regions.
Our investment thesis consists in acquiring the largest European player in puzzle publishing with well-known brands and a motivated management team. Keesing operates in a resilient market with a loyal and recurring consumer base. The Company benefits from a unique and totally automated process for the creation of puzzles through its proprietary software platform. In addition, there are significant opportunities to grow the business through organic initiatives (e.g., addressing new sales channels, etc.) as well as digital developments and further consolidation of the global puzzle publishing market. As a result, we are convinced that Keesing has all the building blocks to further develop its business globally, both through traditional printed magazines as well as through digital initiatives.