THE GEARBOX ENTERTAINMENT COMPANY COMPLETES ACQUISITION OF LOST BOYS INTERACTIVE

FRISCO, Texas (June 1, 2022) –The Gearbox Entertainment Company completed the acquisition of Lost Boys Interactive (“Lost Boys”), an accomplished video game studio experienced in delivering both co-development for top-tier games and original intellectual property (IP) for PC and consoles. The acquisition adds more than 220 team members to Gearbox Entertainment. While Lost Boys will be part of the Gearbox family, they will continue their work in providing services for a variety of developers across the video game industry.

“The entire Lost Boys team is awesome. They have decades of experience in co-developing titles with leading industry players while also developing their own IP. I know that with their experience, ability to scale, and proven leadership team, they will continue delivering incredible work for partners throughout the industry and accelerating the Gearbox creative engine,” commented Randy Pitchford, founder of The Gearbox Entertainment Company.

“Everyone at Lost Boys is excited about the opportunities this acquisition gives us. Being a part of Gearbox increases our ability to continue working on top-quality games for our clients and opens a whole new range of interesting options for developing some incredible ideas we have of our own,” said Shaun Nivens, CEO of Lost Boys Interactive.

Founded in 2017, Lost Boys is a remote-first studio with presences in Madison, Wisconsin and Austin, Texas. Lost Boys is led by industry veterans Shaun Nivens, Mark Stefanowicz, Rod Runnheim, Chase Jones, and Tim Gerritsen. Since its founding, the studio has worked on marquee global franchises such as Tiny Tina’s Wonderlands, Call of Duty, and PlayerUnknown’s Battle Grounds.

Lost Boys is currently working through a period of rapid expansion, targeting 350 team members by 2024. Lost Boys will operate as a subsidiary to Gearbox, within the growing Embracer Group, and will continue to operate independently under Gearbox Entertainment while working in tandem with Gearbox and other industry partners on full development projects.

Juno Capital Partners acted as M&A and strategic advisor to Gearbox. Fenwick & West acted as legal counsel. EY acted as financial and tax advisor.