UK video game retailer GAME has sold Insomnia Gaming Festival organizer Player1 Events to private equity firm Supernova Capital for an undisclosed fee.
All existing Player1 Events staff will be retained as a part of the deal, with Supernova keen to host an Insomnia event later this year. The company is also planning future events in the UK and internationally throughout 2022 and beyond.
Insomnia founder Craig Fletcher has been hired by Supernova to oversee the relaunch, and will be leading Insomnia operations post-acquisition while also serving on the Supernova executive team.
GAME initially purchased Insomnia as part of a £20 million ($30.1 million) deal for event company Multiplay back in 2015. At the time, the retail chain said the acquisition would allow it to break into the rapidly growing world of live events and esports.”
In the years since, however, GAME has struggled to navigate what it has previously described as a “challenging retail market,” resulting in the company closing an number of stores, including at least 27 locations at the beginning of 2020.