We have supported Catalis Group’s second bolt-on acquisition during lockdown, which further strengthens the business’ North American presence.
Curve Digital, part of the Catalis Group, has bought Vancouver-based IronOak Games, an independent games developer.
IronOak Games, headed up by Gordon Moran and Colby Young, was founded in January 2015 and it has previously collaborated with Curve Digital on the critically acclaimed title For The King, a game published for PC, Xbox One, PlayStation 4 and Nintendo Switch.
The deal forms part of Curve Digital’s wider strategy of acquiring independent game development studios with established IP. It also marks Catalis Group’s second bolt-on acquisition that we have supported during lockdown, following Testronic’s acquisition of Whyttest, a technical services provider with studios in Serbia and Romania in August.
Jason Perkins, Managing Director at Curve Digital, said: “Our goal, since 2013, has been to become the main choice in publishing for independent studios worldwide and as we evolve, so do our relationships with development partners. IronOak share the same values and goals as we do, so it made sense for the team to join the Curve family.”
Dominic Wheatley, Catalis Group Chief Executive, added: “We are really looking forward to working alongside the IronOak team to expand the For The King IP. This acquisition, again supported by NorthEdge and Vespa Capital, is another sign of our commitment to continued growth. As a fast growing, ambitious publisher Curve is looking at more acquisitions and encouraging developers that might want to work with us to reach out.”
IronOak’s Vancouver office adds to Catalis Group’s North American presence, which also includes Los Angeles and the recently opened Testronic office in New Orleans.
Phil Frame, Director, Head of North West at NorthEdge, added: “Curve Digital has carved out a strong place in the independent gaming market. IronOak’s ambitions align with Curve Digital’s and given their long-standing relationship it’s a perfect partnership. This acquisition forms part of a strategy to accelerate Curve Digital’s global growth.
“NorthEdge has had a busy period during lockdown, with the acquisition of IronOak marking the fourth bolt-on that we have supported across our portfolio in the last three months. Despite COVID-19, management teams like Curve Digital’s have proven they can build and grow resilient companies despite the impact of the pandemic.”
This is the first acquisition for Curve Digital following our £90 million backing of parent company Catalis Group in October 2019.
The acquisition was funded by a committed acquisition facility set up on completing the investment into Catalis Group last year.
Catalis advisors included DWF and Miller Thomson (legal counsel) and Grant Thornton (tax).
IronOak and management advisors included Voyer Law Corporation (legal) and Branham & Company (financial).