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Stillfront Group Has Acquired Everguild Limited For Up To $14.2m

M&A | ANNOUNCEMENT DATE: 28 OCT 2020
WRITTEN BY | 10 Oct 2020
Stillfront Group Has Acquired Everguild Limited For Up To $14.2m
M&A

💵 Acquisition

  • Stockholm-based mobile game developer and publisher Stillfront Group (OM:SF) has acquired 100% of the shares in Madrid-based cross-platform digital collectible card games (CCG) developer Everguild Limited, for up to $14.2m

  • The purchase price consists of:

    • upfront consideration of approximately $1.4m on a cash and debt-free basis, including $0.7m payable in newly issued Stillfront shares, and the remaining amount is payable in cash

    • up to $12.8m of the earn-out, depending on Everguild’s annual EBIT for the financial years 2021-2024

  • The acquisition allows Stillfront to expand into the fast-growing digital CCG (Collectible Card Games) genre, which entails increasing Stillfront’s audience and adding new titles to the portfolio

Multiplies Without Earn-our With Earn-out
EV / Net Revenue’20 0.9x 9.3x
EV/ EBIT’20 5.0x 52.4x

Note: multiplies are based on the company’s LTM financials as of August 31, 2020

📈 Financial Performance Of Everguild

  • Everguild has a preliminary unaudited IFRS converted net revenue and adjusted EBIT for the period LTM 31 August 2020 of about  $1.5m and $0.27m, respectively

🎲 Products

  • Everguild is known for its two cross-platform games within the CCG genre — Drakenlords and The Horus Heresy: Legions

  • According to AppMagic, the mobile version of the games have been downloaded more than 1 million times, with a peak of 53k downloads in October, 2018

  • Most of the downloads come from Everguild’s second game, a card-battler based on the Warhammer 40.000 universe — The Horus Heresy: Legions

  • In September 2020, the games were downloaded about 34k times

💸 Stillfront’s Latest Acquisitions

  • In October 2020, Stillfront acquired Croatia-based mobile narrative & lifestyle games developer Nanobit for up to $148m on a cash and debt-free basis

  • In April 2020, Stillfront acquired a US-based mobile games developer Candywriter, focusing on casual and mash-up (life simulation) games, for a total consideration of $195m

  • In January 2020, Stillfront acquired mobile game publisher Storm8, focusing on match-3 games, for $400m

  • In 2018-2019, Stillfront was also a very active acquirer. The company announced multiple M&As — KIXEYE, Playa Games, and Imperia Online

SOURCES: STILLFRONT

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M&A
Everguild
  • Established in 2014

  • Headquarters — Madrid, Spain

  • Team of 7 employees

  • Founded by — Andres Tallos and Isabel Tallos

  • Digital Collectible Card Game developer

Stillfront
  • Established in 2010

  • Headquarters — Stockholm, Sweden / studios in Australia, Bulgaria, Canada, Germany, Jordan, Malta, Romania, Sweden, United States and Vietnam

  • Team of 800+ employees

  • Founded by — Jörgen Larsson

  • Mobile-focused games developer and publisher