Black Forest Games, the German developer behind the Destroy All Humans! remakes, has separated from THQ Nordic following a management buyout announced on November 11, 2026. The agreement ends nearly a decade of ownership by the publisher, allowing the studio’s leadership to regain control of its operations while maintaining a development partnership with THQ Nordic.
The acquisition was carried out through Third Signal, a newly established Austrian holding company. Black Forest Games co-founders and managing directors Andreas Speer and Adrian Goersch are among its shareholders, alongside technical director Johan Conradie and art director Eric Urocki. Financial terms of the transaction have not been disclosed.
The separation follows a period in which the two companies developed different business priorities. Goersch told German games industry publication GamesWirtschaft that the buyout had been in preparation for some time because THQ Nordic’s broader corporate strategy no longer aligned with the studio’s direction.
Despite the ownership change, Black Forest Games and THQ Nordic intend to continue working together on game development projects. The agreement therefore does not represent a complete end to their professional relationship.
Founded in 2012 and based in Offenburg, Germany, Black Forest Games was acquired by THQ Nordic in August 2017. The studio is known for developing the 2020 remake of Destroy All Humans! and its 2022 sequel, Destroy All Humans! 2 – Reprobed. Its earlier projects include Giana Sisters: Twisted Dreams, Rogue Stormers and Fade to Silence.
Black Forest Games previously expanded to more than 110 employees, making it one of Germany’s larger game development studios at the time. Its workforce now stands at approximately 50 people, according to GamesWirtschaft.
The management buyout also provides more information about the studio’s future development plans. Goersch told GamesWirtschaft that the company can now concentrate on developing its current project while pursuing several smaller productions. He also indicated that Black Forest Games could potentially publish some games itself.
One project discussed in the reporting is Super Shotgun, a publicly funded development previously associated with the Teenage Mutant Ninja Turtles: The Last Ronin adaptation. That licensed adaptation is now being continued by another studio. The Super Shotgun project remains in Germany’s official funding database under revised parameters, with its funding reduced to approximately €2.47 million and its project period extended into 2028.
Third Signal, headquartered in Liezen, Austria, counts Black Forest Games as its first investment. Its CEO, Andreas Tobler, previously held leadership positions at JoWooD Productions and Plaion. The holding company’s stated ambition is to build a developer-led group that supports experienced studios with greater independence and creative control.
For Black Forest Games, the transaction restores ownership involvement to its existing leadership after nine years under THQ Nordic, which belongs to Embracer Group. It also establishes a new corporate structure for future projects without removing the possibility of continued collaborations with its former parent company.
Neither company has announced a new game, release date or specific THQ Nordic collaboration as part of the ownership change.
