Team17 have acquired a hefty £16.5m investment from private equity firm Lloyds Development Capital, increasing the indie publisher's finances, ready for international expansion.
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Some of this investment has already been spent by the publishers, who acquired The Escapists franchise and its developer Mouldy Toof Studios. Previously they published the series, but now they own it completely.
The Escapists and its Walking Dead-based spin-off was released last year with Team17's help, generating nearly £14m.
“This investment allows us to accelerate our plans for growth more easily and without impacting on any areas of the current business,” said Team17 CEO Debbie Bestwick MBE. “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."
Lloyds Development Capital, part of Lloyds Banking Group, have taken a minority stake in the company, so they may help out further if needed. The funds will be used to expand Team17's global interests.
“LDC shares our vision and understands the importance of people and the way our incubation program and our business models work," Bestwick says, referencing Team17's bedding-in period where developers work in-house for a time.
"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. This allows us to expedite our growth on an international level.”