Corsair announces new acquisition of the sim racing company Fanatec
Corsair has announced it has signed a definitive agreement to acquire the sim racing brand Fanatec.
The agreement was officially signed on September 16 with the deal set to formally close within the week, making Corsair the new owner of the hardware brand and all associated personnel, in an asset purchase from Endor AG.
Fanatec is one of the leading brands for dedicated sim racing hardware located in Landshut, Germany, specializing in steering wheels and wheelbases, pedals, shifters, and other accessories for PlayStation, Xbox, and PC-based racing simulators.
Corsair announced its plans to acquire the German company back in May, with Endor now reporting that Fanatec product sales were approximately $110 million for 2023.
"We have been a fan of the Fanatec brand for years, and I am thrilled that we were finally chosen to be the next home for Fanatec products," said Andy Paul, CEO of Corsair in a Business Wire press release. "We intend to use our extensive supply chain and logistics network to reduce operating costs, enhance users’ customer service experience, increase sales opportunities, and help the business return to profitability."
Fantatec has reportedly seen a massive growth in the last five years due to the ongoing interest in on-track racing and motorsports in gaming. According to Business Wire, industry analysts estimate that the Sim Racing components market is now at $1 billion, with an expected 20 percent annual growth rate.
"We intend to maintain the core business in Landshut while expanding its position as a world-class product development center for Sim Racing products," Paul continued. "With a strong two-decade legacy, Fanatec is recognized as a pioneer and a mainstay for racing enthusiasts across the globe, and we look forward to building on that heritage as we leverage Corsair’s long track record of product innovation and customer experience leadership."
