Corporate News

LDC generates strong returns from Team17 IPO

LDC, the UK’s leading mid-market private equity investor, has partially exited its investment in Team17, the global games label, creative partner and developer of independent, premium video games, following its successful IPO. The £217m listing on London’s AIM market raised proceeds of approximately £107.5 million, before expenses.

LDC originally invested £16.5m in Team17 in September 2016 to support the company’s international expansion. Recognising the continued growth potential of the business, LDC is rolling a proportion of its proceeds for a 16.6 per cent shareholding in the listed company.

Led by CEO and founder Debbie Bestwick MBE, Team17 has grown significantly in recent years with revenues rising by 119 per cent to £29.6m in 2017 (2016: £13.5m), and EBITDA increasing by 111 per cent to £12.9m (2016: £6.1m). Growth has been underpinned by further investment in product development and new launches, continued overseas expansion and a commitment to delivering a bespoke service to each of its partners.

Following the IPO, the business plans to further accelerate its growth strategy, raising its profile on a global scale and developing its own IP, ensuring it can capitalise on its position as a leading independent video games label for indie developers.

Debbie Bestwick, CEO of Team17, commented: “We are delighted to have successfully concluded the Team17’s IPO as well as welcoming new shareholders to the register.  We are excited by the benefits of being a quoted company and we look forward to further developing our business over the coming years.”

John Garner, head of LDC in Yorkshire and the North East, said: “Team17 represents the best of British business. Not only is the company rooted in ambition and innovation, Debbie and her team have created an international powerhouse in the gaming world. It’s been a pleasure to partner with Debbie and her team along their journey and we wish the team every success for the future.

“Team17 is a great example of how private equity can act as a stepping stone to the public markets for ambitious businesses, and its listing on AIM follows in the footsteps of recent LDC success stories such as Fever-Tree and Joules.”

Founded in 1991 and headquartered in Wakefield and Nottingham, Team17 is a leading video games label and creative partner for indie developers. The business creates and sells a range of successful titles worldwide through major digital distributors such as Sony, Microsoft, Steam, Apple and Google, and works closely with third party developers to help bring their products to market.

Its current portfolio includes more than 90 games, including the iconic and well-established Worms franchise, as well as Overcooked and The Escapists.

Article Footnotes

Notes to Editors

  1. LDC is part of the Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority
  2. LDC back ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions.
  3. LDC invests in a broad range of sectors and has particular experience in Construction & Property, Financial Services, Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure and Support Services.
  4. LDC has a UK regional network of 9 offices.