LittleBigPlanet 3 dev Sumo performs management buyout

LittleBigPlanet 3 developer Sumo digital has performed a management buyout from entertainment group Foundation 9.

With the help of investment from NorthEdge Capital, the management team of CEO Carl Cavers, COO Paul Porter, CFO Chris Stockwell and executive art director Darren Mills are now set to split away from the group that acquired them in 2007 to become fully independent.

NorthEdge did not disclose the amount of investment when asked. The deal however is the private equity firm’s sixth of the year, representing just under £80m of investment into Northern businesses.

“With the imminent release of LittleBigPlanet 3 and a number of exciting projects under development, the business is in an extremely strong position,” said Sumo CEO Carl Cavers.

“We are delighted to have completed the MBO and to be partnering with NorthEdge as we accelerate our growth strategy and cement our position as one of Europe’s leading game developers.”

We recently profiled Sumo in our work-for-hire special. You can read our interview with the studio’s leaders here.