M&A Deal Summary

Northern Pacific Group, St. Cloud Capital and DGB Investments Acquire Pipeworks Studios

On February 23, 2018, private equity firm Northern Pacific Group, private equity firm St. Cloud Capital and family office DGB Investments acquired digital media company Pipeworks Studios from Digital Bros for 20M USD

Acquisition Highlights
  • This is Northern Pacific Group’s 1st, St. Cloud Capital’s 1st and DGB Investments’ 1st transaction in the Digital Media sector.
  • This is Northern Pacific Group’s , St. Cloud Capital’s and DGB Investments’ largest (disclosed) transaction.
  • This is Northern Pacific Group’s 7th, St. Cloud Capital’s 27th and DGB Investments’ 2nd transaction in the United States.
  • This is Northern Pacific Group’s 1st, St. Cloud Capital’s 1st and DGB Investments’ 1st transaction in Oregon.
Investment Fate
  • Pipeworks Studios was sold to a publicly-traded strategic buyer in 2020 for 100M USD.

M&A Deal Summary
Date 2018-02-23
Target Pipeworks Studios
Sector Digital Media
Buyer(s) Northern Pacific Group
St. Cloud Capital
DGB Investments
Sellers(s) Digital Bros
Deal Type Divestiture
Deal Value 20M USD

Target

Pipeworks Studios

Eugene, Oregon, United States
Pipeworks Studios is an independent studio specializing in advanced consumer and commercial games with innovative, “real world” scenarios for a diverse community of corporate partners. With high-tech projects ranging from Terraria to military simulations, Pipeworks expertly produces amazing game experiences and applications across a variety of industries, technologies, and platforms. Pipeworks Studios was founded in 1999 and is based in Eugene, Oregon.

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Buyer(S) 3

Buyer

Northern Pacific Group

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
Size Small
Type Sector Agnostic
DESCRIPTION

Northern Pacific Group is a private equity firm focused on acquiring and investing in lower middle-market companies with revenues between $10 and $100 million. Northern Pacific will consider opportunities throughout the US, however the Firm has a focus on businesses operating in the upper Midwest. Target companies typically exhibit possess recurring revenue, high gross margins, and opportunities for growth. Sectors of interest include technology and business services. Northern Pacific Group was formed in 2012 and is headquartered in Minneapolis, Minnesota.

DEAL STATS #
Overall 8 of 12
Sector (Digital Media) 1 of 1
Type (Divestiture) 1 of 1
State (Oregon) 1 of 1
Country (United States) 7 of 11
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-09 1st Choice Delivery

Maryland Heights, Missouri, United States

1st Choice Delivery is a provider of mile delivery services in the central Midwest for pharmaceutical distributors, office product suppliers, and other time-sensitive commodities. 1st Choice Delivery was founded in 1989 and is based in Maryland Heights, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-30 Pipeworks Studios

Eugene, Oregon, United States

Pipeworks Studios is an independent studio specializing in advanced consumer and commercial games with innovative, “real world” scenarios for a diverse community of corporate partners. With high-tech projects ranging from Terraria to military simulations, Pipeworks expertly produces amazing game experiences and applications across a variety of industries, technologies, and platforms. Pipeworks Studios was founded in 1999 and is based in Eugene, Oregon.

Sell $100M
Buyer

St. Cloud Capital

Los Angeles, California, United States
Category Private Equity Firm
Founded 2001
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

St. Cloud Capital is an investment firm that invests in lower middle-market private and public companies. The Firm provides both debt and equity capital financing. St. Cloud targets well-managed, undervalued companies with successful products or services, proven technologies, and market niches. It looks to invest $5 to $20 million per transaction in companies with revenue of $10 to $150 million. Prospective transactions types include recapitalizations, buyouts, and growth capital financing. St Cloud Capital was formed in 2001 and is based in Los Angeles, California.

DEAL STATS #
Overall 27 of 36
Sector (Digital Media) 1 of 1
Type (Divestiture) 2 of 2
State (Oregon) 1 of 1
Country (United States) 27 of 36
Year (2018) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-13 STAT Health

Bay Shore, New York, United States

STAT Health is a Urgent care provider on Long Island with a network of 12 centers headed by board-certified Emergency Medicine physicians, and all with the same, clear mission: Delivering high-quality healthcare on your time and your terms – healthcare as it should be.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-11 Apple Montessori Schools

Fairfield, New Jersey, United States

Apple Montessori Schools is a provider of U.S. Montessori school systems offering high-quality educational programs for children ages 6 weeks to 12 years. Apple offers Infant, Toddler, Preschool/Kindergarten, and Elementary School programs, along with Summer Camp, Before & After School, and Core Enrichment programs. Apple Montessori Schools was established in 1972 and is based in Fairfield, New Jersey.

Buy -
Buyer

DGB Investments

Category Family Office
Size Small
Type Sector Agnostic
DESCRIPTION

DGB Investments is a diversified holding company of high growth technology investments, founded and managed by Doug Bergeron, the former Chairman and CEO of VeriFone, Inc. DGB Investments is based in Palo Alto, California.

DEAL STATS #
Overall 2 of 2
Sector (Digital Media) 1 of 1
Type (Divestiture) 1 of 1
State (Oregon) 1 of 1
Country (United States) 2 of 2
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-01 Renters Warehouse

Minneapolis, Minnesota, United States

Renters Warehouse is an operator of a property manager for single-family residential rental properties. Renters Warehouse has approximately 16,000 properties under management in 32 markets. They serve everyday single-property homeowners as well as real estate investors through professional, scalable, and efficient single-property management solutions. Renters Warehouse was founded in 2007 and is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-30 Pipeworks Studios

Eugene, Oregon, United States

Pipeworks Studios is an independent studio specializing in advanced consumer and commercial games with innovative, “real world” scenarios for a diverse community of corporate partners. With high-tech projects ranging from Terraria to military simulations, Pipeworks expertly produces amazing game experiences and applications across a variety of industries, technologies, and platforms. Pipeworks Studios was founded in 1999 and is based in Eugene, Oregon.

Sell $100M

Seller(S) 1

SELLER

Digital Bros

Milan, Italy
Category Company
Founded 1989
Sector Digital Media
Employees250
DESCRIPTION

Digital Bros S.p.A. is a global company that has been operating since 1989 as a developer, publisher and distributor of videogames through its brand 505 Games. The Group distributes its contents on both retail and digital channels. Digital Bros Group is active around the world through its own direct operations in Italy, the United States, the UK, France, Spain, Germany and China, with approximately 250 employees.

DEAL STATS #
Overall 1 of 1
Sector (Digital Media) 1 of 1
Type (Divestiture) 1 of 1
State (Oregon) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
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