Team17 scores £16.5m investment deal

Private equity firm Lloyds Development Capital has invested 16.5m in Team17.

The UK label has already spent some of the finance by acquiring The Escapists franchise and its developer Mouldy Toof Studios.

The Escapists (and a Walking Dead-based spin-off) was released last year with the help of Team17, shifting
1.8m units and generating almost 14m.

Team17 says the investment will help speed up its effortsin becoming a global player, with more potential acquisitions on the cards. LDC, which is part of Lloyds Banking Group, has taken a minority stake in the company, and may offer more funding and support should the need arise.

This investment allows us to accelerate our plans for growth more easily and without impacting on any areas of the current business,” Team17 CEO Debbie Bestwick.

It was not a decision that was taken lightly as we pride ourselves on being independent. LDC is a minority partner and having an investor which is based in the same country is equally important.

LDC shares our vision and understands the importance of people and the way our incubation program and our business models work. I believe it’s fair to say that we have the same common goals about creating successful IP and supporting new and established studios to become sustainable businesses that will become long-term partners with Team17.”

She added: This allows us to expedite our growth on an international level.”

LDC Yorkshire and North East boss John Garner added: Team17 exemplifies the best of the UK gaming industry, and its unique business model and continued focus on innovative product development has seen Debbie and her management team build an extremely successful company.”