Sweden
Embracer Group began in Karlstad, Sweden, in 2011 as Nordic Games, taking the Embracer name in 2019, and grew through aggressive acquisitions into a holding company that controlled around 120 studios, including Saber Interactive, 4A Games, THQ Nordic, Coffee Stain and the Lord of the Rings rights via Middle-earth Enterprises.
That rollup strategy ran into serious trouble, and in 2025 the group split into three separately listed companies. The board-games business Asmodee was spun off first, Coffee Stain Group followed, and the remaining games and IP business was renamed Fellowship Entertainment. Founder Lars Wingefors remains a major shareholder across the three.
