Stillfront Gameberry settlement 2026: $28.6m twin exit trades future revenue for immediate deleveraging
Summary
Stillfront Group executed two simultaneous asset exits totaling ~$28.6m (SEK 268m)
OFM Studios sold via management buyout for €2.1m; Gameberry Labs settled early for $26.5m
Both moves pull future cash into a single reporting window to service roll-up-era debt
Combined cost: ~SEK 110m ($11.7m) in lost "Other games" net revenue over the next 12 months
"These transactions support our ambition to simplify our business and improve the quality of our revenue streams by concentrating on our key franchises"
01
Two exits, one liquidity objective
OFM Studios sold back to its founder via management buyout for €2.1m ($2.4m), completed May 2026
Stillfront acquired 51% of OFM in 2017 for $735k - exit price reflects a legacy position, not a strategic premium
Gameberry Labs made a one-time $26.5m upfront payment to Moonfrog, Stillfront's subsidiary
That payment replaces obligations that would otherwise have run through 2030
Combined proceeds: ~$28.6m recognized in a single reporting window
02
Revenue sacrificed to pull cash forward
Stillfront flags ~SEK 110m ($11.7m) reduction in "Other games" net revenue over the next 12 months
This confirms the Gameberry deal was a discounted acceleration - future streams exchanged for present-day liquidity
OFM's $2.4m exit price signals minimal residual strategic value in the asset
Both assets sit in Stillfront's "Other games" tier, outside its core franchise strategy
03
Roll-up-era debt forces the deleveraging playbook
Stillfront built its portfolio through aggressive zero-rate-era M&A: Candywriter ($74m), 6Waves ($201m), OFM, and others
Assets acquired for growth are now being liquidated to manage accumulated debt load
Pulling the Gameberry settlement four years early prioritizes covenant compliance over revenue maximization
Stillfront explicitly states proceeds will support "continued deleveraging efforts"
Both exits fall under an "ongoing strategic review" - signaling further disposals are likely
For gaming VCs and BD leads: Stillfront's remaining long-tail studios are probable near-term acquisition targets
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