MENU
back to ALL NEWS

Thunderful Group Acquires Coatsink For Up To $84.7m

M&A | ANNOUNCEMENT DATE: 5 OCT 2020
WRITTEN BY | 10 Oct 2020
Thunderful Group Acquires Coatsink For Up To $84.7m
M&A

💵 Acquisition

  • Sweden-based game developer, publisher, and distributor Thunderful Group has acquired 100% of the UK-based PC, console and VR games developer Coatsink for a total consideration of up to ~$85m

  • The sum is going to be paid in the form of:

    • an up-front consideration of about $30m with a half to be paid in cash and the other half in newly issued ordinary shares

    • an earn-out consideration of $55m to be paid in a mix of cash and Thunderful shares, if Coatsink exceeds its undisclosed financial targets for 2021 and 2022

  • Coatsink will remain an independent studio under the Thunderful umbrella after the deal closure, with the company’s co-founders and key employees becoming Thunderful shareholders

  • The acquisition will help both companies to accelerate their development capabilities and reinforce the position on the gaming market, which also goes in line with Thunderful strategy to expand its game segment through attractive deals and partnerships

💸 Thunderful Group’s Latest Acquisitions

  • In February 2020, Thunderful Group acquired Sweden-based PC game developer Guru Games for an undisclosed sum

  • In July 2018, the company acquired UK-based PC&console game publisher Rising Star Games, the terms of the deal were not disclosed

🎲 Products

  • Coatsink is a UK-based multiplatform game developer and publisher with a slight focus on VR development

  • The company has worked on more than 20 titles, including:

    • Shu, Shadow Point, A Night Sky, Esper, Chip, They Suspect Nothing and Augmented Empire — as a developer

    • Cake Bash, Get Packed, PHOGS! and Onward — as a publisher

    • supported such renown indie games like Kingdom: New Lands, Gang Beasts, Dandara and Bad North

  • Currently, Coatsink is working on two titles, based on famous external franchises: Transformers: Battlegrounds and Jurassic World Aftermath for Oculus Quest.

  • There are three more unannounced in-house games and several work-for-hire and publishing projects that should be released in 2021 and 2022

 

Read more
23 March 2021
Thunderful Group Has Closed Headup Acquisition
💵 Acquisition Sweden-based game developer, publisher, and distributor Thunderful Group has acquired 100% of the UK-based PC, ...
READ MORE
M&A
15 November 2020
Thunderful Group Has Acquired Station Interactive
💵 Acquisition Sweden-based game developer, publisher, and distributor Thunderful Group has acquired 100% of the UK-based PC, ...
READ MORE
M&A
Coatsink
  • Established in 2009

  • Headquarters — Sunderland, UK

  • Founded by — Tom Beardsmore and Paul Crabb

  • Team of 90+ employees

  • Multiplatform game developer and publisher

Thunderful Group
  • Established in 2017

  • Headquarters — Gothenburg, Sweden

  • Team of 170 employees

  • Founded by Brjánn Sigurgeirsson, Klaus Lyngeled

  • Indie games developer and publisher