Haveli Investments, a technology and gaming-focused private equity firm, has entered into an agreement to acquire Budge Studios from General Atlantic. Terms were not disclosed.
Based in Montreal, Budge Studios develops digital interactive entertainment for children, focusing on safe, creative, and educational mobile experiences. The company works with major children’s entertainment brands, including Bluey, PAW Patrol, Barbie, Disney’s Frozen, Hot Wheels, and Hello Kitty, and says it has surpassed 2 billion downloads across its portfolio, reaching families in more than 200 countries.
Haveli said it plans to partner with Budge Studios to build on its gaming expertise, expand its portfolio, and continue delivering new mobile play experiences as children’s entertainment consumption continues shifting toward mobile platforms. Budge Studios’ co-founders and co-chief executives, Michael Elman and David Lipes, are expected to continue leading the business, with the company emphasizing founder-led culture, long-standing licensing relationships, and a creative organization focused on quality and safety for kids.
General Atlantic, which has backed Budge Studios, described the deal as a transition that reflects the company’s momentum and the foundation built across a diverse set of family-favored games, and offered support for Budge Studios’ next phase under Haveli’s ownership.
Support: Advisors on the transaction included Baker Tilly as Haveli’s tax and diligence advisor, and Latham and Watkins and Davies Ward Phillips and Vineberg as Haveli’s legal counsel. The Raine Group served as exclusive financial advisor to Budge Studios and General Atlantic. Paul Weiss Rifkind Wharton and Garrison and Goodmans served as legal counsel to General Atlantic.
KEY QUOTES:
“As children’s entertainment content increasingly shifts toward mobile platforms, Budge Studios has built a category leading company supported by a growing global customer base and a highly capable management team. We are excited to partner with Budge Studios to build on its gaming expertise, support the expansion of its portfolio and continue delivering innovative play experiences to audiences worldwide.”
Ophir Lupu, Senior Managing Director, Haveli Investments
“Sixteen years ago, when kids’ apps were still a novel idea, we set out to build the kind of mobile experiences we wanted for our own young families – safe, high-quality, and genuinely engaging. Reaching this moment in Budge Studios’ evolution is both humbling and deeply meaningful for us. Haveli’s investment provides not only additional capital, but strategic support to accelerate our long-term vision, expand our portfolio, and continue building new play experiences for families as demand for fresh and exciting content continues to grow.”
Michael Elman, Co-Founder And Co-Chief Executive Officer, Budge Studios
“Haveli’s collaborative approach and experience working with founder-led teams make them an ideal partner for Budge. We’re grateful for our partnership with General Atlantic and excited to work with Haveli as we continue to scale the business. Our long-standing licensing relationships and strong creative culture – built while remaining at the forefront of kids’ digital entertainment – give us great confidence as we continue inspiring creativity and imagination in children everywhere.”
David Lipes, Co-Founder And Co-Chief Executive Officer, Budge Studios
“It has been a privilege to partner with Budge Studios and support Mike and Dave’s longstanding vision around bringing innovation, adventure and education to interactive content. This transaction reflects the strong foundation and momentum the Budge Studios team has built through a diverse portfolio of games beloved by families globally. We wish them well in their next chapter with Haveli.”
Frederick Robson, Vice President, General Atlantic
