2nd September 2016
A multi-disciplinary team of specialist lawyers from Walker Morris has advised Lloyds Development Capital (LDC) on its £16.5 million investment in the independent video game developer, Team17 Software.
The Wakefield-based company, which publishes games for PC, console, mobile and handheld devices and other digital platforms, is behind several successful game franchises, including Worms, and yet-to-be-released Yooka Laylee, set for release in March 2017.
Team17 the investment to fund further growth including the expansion its existing games portfolio through a number of planned new releases, develop its publication model, and support its growth overseas.
Founder Debbie Bestwick and finance director Paul Bray have driven significant growth across the company in recent years with revenues growing by more than 50 per cent to £10.3m in 2015. Bestwick and her management team remain the majority shareholders of Team17.
The transaction was led by John Garner, Dale Alderson and Dan Smith at LDC in Leeds. Garner and Alderson will join the board as non-executive directors and LDC will take a minority stake in the company.
Walker Morris fielded a multi-disciplinary team comprising lead partner Debbie Jackson, Director Jo Stephenson and Senior Associate Oliver Duke from Corporate With support from Peter Considine from Finance and Alan Harper from Intellectual Property.
Debbie Jackson said:
“LDC has a strong track record in helping businesses to support their growth ambitions and their investment is already helping Team17 with their exciting expansion plans. We are sure that with the support of John Garner and Dale Anderson the company will continue to go from strength to strength.”