NorthEdge backs Sumo MBO

NorthEdge has backed Sumo's existing management team comprising CEO Carl Cavers, COO Paul Porter, CFO Chris Stockwell and executive art director Darren Mills.

Barclays provided a debt facility for the deal.

The deal marks NorthEdge's sixth investment of the year, bringing the total amount invested in 2014 to almost £80m. The firm invested in Stoke-based door manufacturer Solidor just last week.

Foundation 9 is a California-based entertainment media company that develops video games, television shows, films and comics. It acquired Sumo in 2007.

Company
Founded in 2003, Sumo is headquartered in Sheffield with an additional office in Pune, India. The video game development studio is licensed to develop on all major gaming platforms including Xbox One, Xbox 360, Playstation 4 and Nintendo Wii U.

Games developed by Sumo include LittleBigPlanet for Sony, Sonic & All Stars Racing for Sega, and Forza Horizon 2 for Microsoft.

The company employs 240 staff. It generated £13.2m in revenues last year.

People
NorthEdge director James Hall and investment manager Phil Frame led the deal for the firm; both will join the company's board of directors.

Advisers
Equity – Deloitte, Dan Rention, Paul Trickett, Will Johnson, Maninder Minhas, Stuart Cottee, Matt Henderson, Jon Steed, David Aindow, Julie Campbell (Corporate finance, financial due diligence, tax, commercial due diligence); Addleshaw Goddard, Yunus Seedat, Susie Siddall (Legal); The Quinn Partnership (Management due diligence); Intuitus (Technical due diligence); Hendersons (Insurance due diligence).

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