Sumo Digital, the developers behind the upcoming title LittleBigPlanet 3 has announced that their team has completed a management buyout.
Management buyout means that the managers of the firm have purchased all of its assets from their former owners. Sumo Digital was able to achieve that by receiving some backing from British private equity company North Edge Capital.
Company’s CEO Carl Cavers, COO Paul Porter, CFO Chris Stockwell and Executive Art Director Darren Millsare are the ones in charge of the firm, leaving former owner ‘Foundation 9.’
Cavers upon this achievement seemed quite thrilled, also teasing new exciting games after LittleBigPlanet 3:
With the imminent release of Little Big Planet 3 and a number of exciting projects under development, the business is in an extremely strong position.
We are delighted to have completed the MBO and to be partnering with NorthEdge as we accelerate our growth strategy and cement our position as one of Europe’s leading game developers.
The studio employees more than 240 people, who have worked on some amazing titles including Forza Horizon 2 (Xbox 360), Virtua Tennis, Sonic & Sega All-Stars Racing, Dead Space Ignition and a lot more.
The director of North Edge, James Hall was also excited to partner up with such a talented studio:
Sumo Digital is a fantastic business, with an incredible reputation and a track record of delivering top titles. The business is working on a number of exciting projects and we look forward to partnering with Carl and the team as they further grow the business, capitalising on opportunities within the marketplace. Sumo has an exciting time ahead and we’re extremely pleased to be on board.
With the track record of the company, we can expect it to come up with some amazing new games in the coming years, but as for now, we are just looking forward to LittleBigPlanet 3.