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Thunderful explores sale of Bridge Constructor publisher Headup Games nearly three years after €11m acquisition

Company plots "more focused strategy" for the business
Thunderful explores sale of Bridge Constructor publisher Headup Games nearly three years after €11m acquisition
  • Changing priorities mean Thunderful Group is eyeing the sale of the publishing division
  • Distribution remains the company's chief revenue generator, picking up SEK 626.2 million in Q3

Thunderful Group is exploring the sale of Bridge Constructor publisher Headup Games nearly three years after it purchased the studio in a deal worth up to €11 million.

The company said it was reviewing its priorities and plotting a “more focused strategy” for the business. As a result, it’s looking for buyers for the Germany-based firm.

Headup Games has released numerous titles across PC, console and mobile platforms, including the Bridge Constructor series, Super Meat Boy Forever and Laika: Aged Through Blood.

“The Headup team and its CEO, Dieter Schoeller, have made a great contribution to Thunderful since joining the group,” said Thunderful Group CEO Martin Walfisz.

“However, as we’re reviewing the business and priorities of Thunderful, it’s become obvious that we need a clearer and more focused strategy. We’re therefore now exploring the possibility of divesting Headup.”

Q3 financials

The news comes after Thunderful appointed Massive Entertainment founder Martin Walfisz as its new CEO in August. It also named former Probi AB chief financial officer Henrik Lundkvist as its own CFO in October.

In its latest financials, the company reported a 9.4% year-over-year decline in revenue during Q3 to SEK 626.2m ($59.9m), while sales for January to September were up 4.5% Y/Y to SEK 1.86 billion ($178m).

Q3 profit, meanwhile, increased by 115.6% Y/Y to SEK 24.7m ($2.3m), though the company reported a SEK 22.3m ($2.1m) loss for the January to September period overall, deepening losses by 141.3% Y/Y.

The company’s best performing division was in distribution, which reported net sales of SEK 536.1m ($51.3m), down 6.5% Y/Y in Q3. The games division, meanwhile, reported a revenue decline of 23.6% Y/Y to SEK 90m ($8.6m).