Thunderful Group Acquires Coatsink for Over $29 Million

Coatsink's acquisition by Thunderful will bolster an already impressive portfolio of titles for the Nordic development and publishing company

October 5, 2020

Thunderful Group, a gaming development and publishing company made up of Steamworld developer Image & Form and Lost in Random developer Zoink, acquired Coatsink today for a grand total of $29.8 million or £23 million. Coatsink is the UK based developer and publisher behind PhogsJurassic World Aftermath and Shadow Point.

A press release from Thunderful on the acquisition states that the £23 million paid could be increased depending on Coatsink’s performance over the next couple of years. If the developer and publisher can meet and exceed financial expectations for 2021 and 2022, Thunderful will pay an “earn-out consideration, which will be paid in a mix of cash and Thunderful shares.” This consideration will be capped out at £42.5 million, or slightly over $55 million. Reaching this cap would bring the total value of Coatsink’s acquisition to £65.5 million or over $84 million.

Thunderful’s stated purpose behind this acquisition is to “expand its games segment by adding attractive platform partnerships and publishing deals.”

That goal is likely to be met. Besides the three titles mentioned earlier, Coatsink has a large, diverse portfolio of titles that will only grow in the future. According to the press release, Coatsink currently has five other projects in development, both announced and unannounced.

The press release also states that Coatsink will “remain an independent development studio.”

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