Turtle Beach, the accessories giant best known for its gaming headsets, has acquired PDP for the value of $118 million.

That includes $79.9 million in cash and the remainder in shares. Both companies compete in the third-party headset and controller categories, yet where Turtle Beach is leading the market in headsets, PDP is best known for a range of licensed controllers (including character-based ones for Nintendo Switch).

The firm expects the acquisition to result in $390 – $410 million in revenues over the next 12 months, and that there will be between $10 and $12 million in synergies once the two businesses combine.

It move follows efforts from the company to raise its value for shareholders, which it announced in 2022. At the time it was considering selling the business.

PDP’s former owner Diversis Capital (an LA-based private equity firm) will become Turtle Beach’s largest shareholder, and the firm’s senior operating partner David Muscatel will join the Board.

Alongside the acquisition, Turtle Beach has also named its new CEO as Chris Keirn. Keirn joined Turtle Beach in 2013 and has held a number of key roles, including vice president of business and strategy before his leadership role in sales.

“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,” Keirn said in a statement.

“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.”