LittleBigPlanet 3 and Forza Horizon 2 (for Xbox 360) developer Sumo Digital announced today through a press release that the current management team has completed an MBO (Management Buyout, meaning that the managers purchased the company and its assets from their former owners) backed by the British private equity firm NorthEdge Capital.
This means that the current managers, namely CEO Carl Cavers, COO Paul Porter, CFO Chris Stockwell and Executive Art Director Darren Millsare are now fully in charge and completely independent from the former owner Foundation 9.
Cavers himself provided a comment, also teasing “a number” of exciting games already in development 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.
NorthEdge Director James Hall also commented:
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.
Interestingly, we learn that Sumo employs “more than 240 people” at the moment, meaning that they definitely have the muscle to work on those multiple projects mentioned above. As for their nature, nothing was shared, so we’ll have to wait and see.