Thunderful selling Nordic Game Supply to distributor's acting CEO
Group has been evaluating how to deal with business' struggles with profitability in recent years
Thunderful Group is divesting one of its distribution businesses, Nordic Game Supply, selling the company to a firm run by its current acting CEO.
The games publisher announced as part of its financial results in February that it was implementing a "strategic evaluation" of Nordic Game Supply, whose struggles with profitability since 2022 were a major contributor to Thunderful's losses of $59.2 million (compared to a profit of $11.8 million in the same quarter a year prior).
That evaluation has resulted in the sale to Handelsselskabet, a company owned by Nordic Game Supply's acting CEO Henrik Mathiasen. Mathiasen is also currently CEO of Bergsala, another Thunderful-owned distributor that exclusively handles Nintendo's products in the Nordic and Baltic regions.
The price of the sale has yet to be determined, and will be based on "the book value of the inventory recorded as of the banking day prior to the date the transaction is completed, adjusted for an effective discount of 28%."
All Nordic Games Supply personnel will continue working for the company, and all business relationships with customers and suppliers will be retained.
Thunderful used ABG Sundal Collier as financial advisor for the transaction, with Gorrissen Federspiel and Setterwalls acting as legal advisors.