Mon, 17 Nov 2014 | MBO/MBI
Sumo Digital, a game developer, has undergone an MBO as part of its plans to speed up growth.
Private equity firm NorthEdge has backed the MBO, which sees the existing management, including CEO Carl Cavers, COO Paul Porter, CFO Chris Stockwell and executive art director Darren Mills, take over the business from previous US media owner Foundation 9 Entertainment, which bought Sumo in 2007.
From its studio in Sheffield, Yorkshire, Sumo has developed some well-known titles such as Forza Horizon 2, Moshi Monsters: Katsuma Unleashed, LittleBigPlanet 2: Cross-Controller and Xbox Fitness. It has the license to develop for all the biggest gaming platforms including Xbox One, PlayStation 4, Nintendo Wii U as well as mobile and tablet.
For the year to December 13 it achieved sales of £13.2 million and operating profits of £899,042. Employing 240 people, it also has an office in Pune, India.
Commenting on the proceedings, Carl Cavers told thebusinessdesk.com: “With the imminent release of Little Big Planet 3 and a number of exciting projects under development, the business is in an extremely strong position. We are delighted to have completed the MBO and to be partnering with NorthEdge as we accelerate our growth strategy and cement our position as one of Europe’s leading game developers.”
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