This morning, the Embracer Group announced a major transformation of the company, which will be split into three separate publicly listed companies: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The existing Embracer Group listing on Nasdaq Stockholm will be renamed to Middle-earth Enterprises & Friends, and shares of Asmodee Group and Coffee Stain & Friends will be distributed as dividends to shareholders of Embracer Group. The listing and distribution of Asmodee Group shares is expected to occur within 12 months, and Coffee Stain & Friends shares during calendar year 2025.
Asmodee will continue its business in the tabletop market; Coffee Stain will focus on making indie and double-AA games, while Middle-earth Enterprises will produce triple-A games. Coffee Stain will include Ghost Ship, Tarsier, and Tuxedo Labs, as well as THQ Nordic and Amplifier Game Invest, featuring IPs like Deep Rock Galactic, Goat Simulator, Satisfactory, Wreckfest, Teardown, Valheim, and a couple hundred more. Coffee Stain will also continue publishing the F2P games Star Trek Online and Neverwinter Online, which are based on licensed intellectual properties. Coffee Stain & Friends will be led by Anton Westbergh, current CEO of the operative group Coffee Stain.
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Middle-earth Enterprises & Friends will be composed of Crystal Dynamics, Dambuster Studios, Eidos-Montreal, Flying Wild Hog Studios, Tripwire, Vertigo Games, Warhorse Studios, and 4A Games among others, featuring IPs like Dead Island, Killing Floor, Kingdom Come: Deliverance, The Lord of the Rings, Metro, and Tomb Raider. Phil Rogers, current CEO of the operative group Crystal Dynamics—Eidos, will take the helm of Middle-earth Enterprises & Friends.
Embracer Group CEO Lars Wingefors shared an open letter to investors, highlighting the benefits of the transformation:
History has shown that diversified groups like ours can significantly enhance their chances of success by adopting a more agile, fast-moving approach and focusing on well-defined core market segments.
Numerous inspiring examples from Sweden illustrate how large enterprises have achieved greater success by dividing into multiple separate specialized companies. I am deeply motivated and inspired by these success stories and believe they offer valuable insights for our own strategic direction. The time is right for Embracer to become three public companies, each boasting sufficient scale, coherent strategies, specialized business models and empowered by visionary leadership teams. Rather than imposing conformity on thriving businesses, we should foster an
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Embracer Group has announced its intention to transform into three standalone publicly listed entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends.
Embracer Group, the embattled gaming conglomerate that owns the rights to 'The Lord of the Rings' franchise, has announced that it is splitting into three different companies. The group, which went through significant restructuring this year and sold off major game studios like Saber Interactive and Gearbox to reduce debt, will separate into Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The three games and entertainment companies will be standalone, publicly listed entities, Embracer said, with the split “enabling each entity to better focus on their respective core strategies and offer more differentiated and distinct equity stories for existing and new shareholders.”