Aonic, a fast-growing video gaming and technology group, has entered into a definitive agreement with Metric Capital Partners and Active Ownership to receive a total €152 million investment.
€100 million comes from Metric Capital Partners, a leading pan-European investment firm, while Aonic’s major shareholder Active Ownership contributes additional capital to Aonic’s equity by converting its €52m shareholder loan.
Since its formation in 2021, Aonic has grown into a major group of companies operating globally in game development, publishing and related services. These include Exmox, one of the fastest growing mobile user acquisition platforms, OtherSide Entertainment, the studio headed up by industry legends including Warren Spector, and Megabit Publishing. OtherSide and Megabit recently combined to announce Thick As Thieves at The Game Awards.
Other teams in Aonic’s diversified group include leaders in mobile game development (Red Games Co., TutoTOONS), mobile tech (Exmox, Gravite) and VR (nDreams).
Despite a turbulent period for the games industry, also impacting Aonic, the group's overall revenues have increased 73% over the past year. This investment will fund further M&A and support for ongoing developments across the group. More will be revealed in 2025.
Aonic and its major shareholder Active Ownership were advised by UBS and DLA Piper.
Metric was advised by Dechert, 8Advisory and Grant Thornton.
About Aonic
Aonic is a growing group of multiplatform game studios and technology service providers, empowering founders and their teams to supercharge their specialisms while unlocking cross-team synergies.
We believe that industry-shaping innovation comes not from big, unwieldy corporations, but elite creators in mid-sized teams. Aonic is the platform for these like-minded enthusiasts to fulfil their potential, with multiple companies spread throughout Europe and North America.
No top-down interference, stripping of studio identity or creative compromise – just real gamers and creatives building amazing things together across mobile, PC, console, and VR. With revenues exceeding €150 million in 2024, high organic growth and strategic reinvestment is funding our path to become the next gaming powerhouse.
About Metric Capital Partners
Metric Capital Partners is a pan-European private capital fund manager. The firm has raised in excess of EUR 2.7 billion of capital from its global investor base and operates out of six European offices. This investment marks Metric's 45th transaction since its inception in 2011, working across a variety of industries and geographies.
About Active Ownership
Active Ownership is an independent, partner-managed investment firm operating in Europe and the Nordics. From offices in Frankfurt, Vienna, Luxembourg and Stockholm, the team performs deep fundamental research where there are opportunities for sustainable value creation and actively supports its portfolio companies to become better businesses.
