Canadian developer Phoenix Labs will go back to being independent following an investor-backed management buyout.

According to GamesBeat, Phoenix Labs’ founders will take the company private now that it’s spun out of its parent company, Garena.

Garena is itself owned by Singapore-based Sea, which commented: “We have been steadfast supporters of Phoenix Labs since its earliest days and will continue to be strong advocates for their team and their work going forward.

“We are confident that this is the right path forward to enable the team to maximise their long-term potential, and we wish the team every success for this next chapter.”

Garena initially acquired Phoenix Labs in January 2020 for $150 million. We talked to Phoenix Labs CEO Jesse Houston at the time, who shared his plans to expand the studio in new areas such as mobile in emerging markets like Southeast Asia and South America thanks to the support of Garena.

GamesIndustry.biz reached out to Phoenix Labs for comment.