LDC invests £16.5m in Team17

The all-equity investment will fund the company's bolt-on acquisition of competitor Mouldy Toof Studios, which developed The Escapists. The transaction will also enable Team17 to invest in product development and international marketing.

Following the deal, which was conducted via the GP's Leeds office, Team17's management team will retain a majority stake in the business. LDC director John Garner and investment director Dale Anderson will take a seat on the board as non-executive directors.

The investment marks LDC's second deal for a software developer in 2016. In May, the firm backed the management buyout of UK-based HR software company CIPHR People.

Company
Founded in 1990 and headquartered in Wakefield, West Yorkshire, Team17 is a computer games developer. Its products include the Worms franchise, Overcooked and Yooka-Laylee.

Team17 generated a turnover of £10.3m in 2015.

People
LDC – John Garner (director); Dale Alderson (investment director); Dan Smith (investment manager).
Team17 – Debbie Bestwick (founder, CEO); Paul Bray (finance director).

Advisers
Equity – PwC, Joel Smith (financial due diligence); Walker Morris, Debbie Jackson (legal).
Company – PwC, Stephen Moore, David Keenan, Charles Gray (corporate finance); Squire Patton Boggs, Paul Mann, Jayne Aarons, Hannah Graham (legal).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• LDC