Private equity firm Haveli Investments, L.P. has agreed to acquire Budge Studios, a Montreal-based developer of children's mobile games, from global investor General Atlantic. Financial terms were not disclosed.
Budge Studios develops apps featuring some of the biggest names in children's entertainment, including Bluey, PAW Patrol, Barbie, Disney's Frozen, Hot Wheels and Hello Kitty. The company was among the first to bring licensed children's brands to mobile platforms. According to Budge Studios, its games have been downloaded more than 2 billion times across more than 200 countries.
Haveli Investments senior managing director Ophir Lupu said in a press release, “As children’s entertainment content increasingly shifts toward mobile platforms, Budge Studios has built a category leading company supported by a growing global customer base and a highly capable management team. We are excited to partner with Budge Studios to build on its gaming expertise, support the expansion of its portfolio and continue delivering innovative play experiences to audiences worldwide.”
"Sixteen years ago, when kids’ apps were still a novel idea, we set out to build the kind of mobile experiences we wanted for our own young families – safe, high-quality, and genuinely engaging,” Budge Studios co-founder and co-CEO Michael Elman said. “Reaching this moment in Budge Studios’ evolution is both humbling and deeply meaningful for us. Haveli’s investment provides not only additional capital, but strategic support to accelerate our long-term vision, expand our portfolio, and continue building new play experiences for families as demand for fresh and exciting content continues to grow.”
Budge Studios co-founder and co-CEO David Lipes added, “Haveli’s collaborative approach and experience working with founder-led teams make them an ideal partner for Budge. We’re grateful for our partnership with General Atlantic and excited to work with Haveli as we continue to scale the business.”
“It has been a privilege to partner with Budge Studios and support Mike and Dave’s longstanding vision around bringing innovation, adventure and education to interactive content,” said General Atlantic vice president Frederick Robson. “This transaction reflects the strong foundation and momentum the Budge Studios team has built through a diverse portfolio of games beloved by families globally. We wish them well in their next chapter with Haveli.”
Davies, Ward, Phillips & Vineberg LLP and Latham & Watkins LLP are serving as legal counsel to Haveli Investments, with Baker Tilly US, LP as tax and diligence advisor. Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to General Atlantic, with The Raine Group as the exclusive financial advisor.
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