Balor Games acquires Humble catalogue, betting distressed-asset cash flow can bootstrap a triple-I publisher
Summary
Former Humble Games CEO Alan Patmore and COO Mark Nash rebranded Good Games Group as Balor Games after acquiring the full Humble (50+ titles) and Firestoke back catalogues from Ziff Davis
Catalogue revenue replaces years of runway-building, compressing Balor to Humble's year-three scale on day one
The underlying model: buy orphaned IP, inherit recurring revenue, use cash flow to fund new triple-I bets without external dilution
"It's a more predictable revenue stream, so it does give you a bit more cushion, which allows you to invest in new titles"
01
Eighteen months of sub-licensing converted into owned assets
GGG managed the Humble catalogue since 2024 under a MEP Capital-backed sub-licensing deal; the full acquisition closes roughly 18 months later
Portfolio includes Slay the Spire, A Hat in Time, and Forager - proven catalogue with ongoing revenue
Firestoke's back catalogue and Fights in Tight Spaces publishing rights were acquired alongside
MEP Capital remains financial backer across both phases
Financial terms undisclosed; Patmore confirms both parties satisfied with the outcome
02
Distressed catalogues as a publishing bootstrap - the structural thesis
Patmore states the catalogue puts Balor at the scale Humble Games reached "three or four years in"
The model inverts typical indie publisher risk: proven-asset cash flow precedes new-title deployment
Nash describes a further extension: acquiring publishing rights from studios' existing back catalogues for a lump sum
Studios then use that capital to self-finance their next project outside a traditional advance structure
This positions Balor as a liquidity provider to cash-constrained studios, not just a publishing partner
03
Triple-I funding gap is the target market
Nash identifies the core failure: mid-tier and larger indie titles fall between small projects and IP-backed titles that absorb most available funding
Balor's budget range spans "a couple hundred thousand dollars" to "tens of millions"
First signed title is SCP: 5K from Affray Interactive, in Early Access since 2022
"Our thesis is that there's a lot of opportunity in triple-I"
04
Flexible publisher scope creates opportunity and execution risk
Every collaboration is bespoke; Nash says each project's support is shaped by its specific needs
Selection filter favors community-building potential, not necessarily multiplayer
Patmore argues triple-I is defined by output quality, not spend level
Broad mandate maximizes deal flow but risks diluted selection discipline as the pipeline scales
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