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PKF Francis Clark has advised Team17 Group on its $26.5m (£19.1m) acquisition of the developer and publisher of educational apps for children, StoryToys.
Sam Phillips, transaction services director at PKF Bristol and David Lucas, corporate finance partner at PKF Dublin, provided financial due diligence for the London-listed global games entertainment label on its takeover of StoryToys’ parent company, TouchPress.
Founded in 1990, Team17 is known for producing the Worms franchise, The Escapists, and Overcooked.
Through the deal, a new complementary and growing edutainment vertical will be established at Team17 in a bid to strengthen the group’s position in the games entertainment industry.
Mark Crawford, CFO at Team17, said: “We were very happy with support received from PKF through Team17’s acquisition of StoryToys.
“The PKF team was put together very quickly and undertook the thorough financial due diligence review at pace and assisted us by mobilising teams in various locations to enable us to complete the deal.”
He added: “We were pleased with the service provided and the way in which they worked with the internal team at Team17 and with the StoryToys team.”
Following the takeover, StoryToys claimed that it aims to become the number one children’s edutainment brand for the ages eight and under.
Phillips said: “The acquisition of StoryToys strengthens Team17’s position as a leading global games label through its entry into the fast-growing edutainment segment of the market.
“It was a pleasure to lead the cross-border PKF team alongside David Lucas on another quality transaction. Advising Team17 on this exciting deal also brought back happy memories of many hours playing Worms in my younger days, and we look forward to seeing the enlarged business continue to thrive.”
