A €100m cross-border acquisition by UK global games entertainment group Team17 has been completed with the help of accountancy firm PKF Francis Clark’s Bristol office.
Team17, best-known for the Worms franchise, The Escapists and Overcooked, snapped up leading German-based simulation games developer Astragon Entertainment as it continues its rapid growth.
Team17, headquartered in Wakefield, West Yorkshire, and listed on the London Stock Exchange, has developed into a global games entertainment label, creative partner and developer of indie premium video games, since its launch in 1990.
Founded in 1998 and headquartered in Dusseldorf, Astragon is a leading developer, publisher and distributor of sophisticated ‘working’ simulation games – including firefighting simulator, police simulator, pictured, bus simulator and construction simulator – targeting a broad audience from young enthusiasts to technical experts and casual gamers.
The PKF team was led by Bristol-based Sam Phillips, PKF Francis Clark’s transaction services director, and David Lucas in its PKF International’s Dublin office, with support from Martin Franke in Cologne.
It provided a full suite of buyside advisory services – including financial due diligence and deal negotiation support – for Team17 on the acquisition.
It comes after PKF advised on Team17’s recent acquisition of US-based indie publisher The Label in a deal worth up to $40m, and last year’s takeover of StoryToys, the Irish developer of educational apps.
Team17 chief financial officer Mark Crawford said: “The PKF teams across Bristol, Dublin, Cologne and New Jersey have been invaluable in supporting us throughout the deal process on two further cross-border acquisitions.
“Once again, they worked seamlessly with our management team, and from the outset we really felt Sam, David, Martin and their colleagues understood our objectives and shared our commitment to achieving this successful completion.”
Sam Phillips, pictured, added: “Working closely with our PKF colleagues, it was a pleasure to support Team17 in completing another major international transaction, following the acquisition of StoryToys last year.
“With its expertise in high-quality simulation games, Astragon represents an exciting addition to the Team17 Group and another milestone in the group’s growth strategy.”
The PKF International network is made up of 220 independent accountancy firms in 150 countries.
Last year the Bristol office advised fast-growing flower delivery business Bloom & Wild on two international acquisitions in three months.
