Private equity firm Haveli to acquire Budge Studios

• Haveli’s past deals include the acquisition of Jagex and investment in Million Victories, among others.
• Budge Studios was previously owned by Tilting Point.

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Private equity firm Haveli Investments is set to acquire children’s games developer Budge Studios.

The agreement will see Haveli buy the Montreal-based company from investor General Atlantic. Terms of the deal were not disclosed.

The Raine Group served as the exclusive financial advisor for Budge Studios and General Atlantic.

The developer was previously acquired by Tilting Point in 2022. There has been no official news of a sale since. PocketGamer.biz has reached out for clarification.

A previous $235 million funding round for Tilting Point in 2021 was led by General Atlatnic with participation from strategic investors Red Ventures and Kamerra.

Expanding portfolio

Budge Studios has worked with IPs including Bluey, PAW Patrol, Barbie, Disney’s Frozen, Hot Wheels and Hello Kitty. To date, its portfolio of mobile games has accumulated more than two billion downloads.

The acquisition sees Haveli add another studio to its portfolio, having previously joined CVC Capital in purchasing RuneScape developer Jagex and investing in Million Lords studio Million Victories last year, among other deals.

“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,” said Budge Studios co-founder and co-CEO Michael Elman.

“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.”

Haveli Investments senior MD Ophir Lupu added:  “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.”

General Atlantic VP Frederick Robson commented: “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. 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.”