towards the Stock Exchange with the parks (there is also Gardaland) – Corriere.it

A new chapter opens in the reorganization of Lego, the Danish giant of colored bricks — 8.6 billion euros in revenues, 2.2 billion in operating profit, third largest toy maker in the world — which is completing the transition to the fourth generation. By this spring, the presidency of the Kirkbi safe, which owns 75% of LegoThomas Kirk Kristiansen will in fact be appointed (he will have the task of representing the interests of the family), brother of Agnete and Sofie. That is to say the children of Kirk Kristiansen, grandson of the founder Ole Kirk Kristiansen, who for some years has set the handover. Now, the new move by patriarch Kirk Kristiansen: just over a third of the voting rights of the Kirkbi family holding will be transferred to the non-profit foundation K2 Family foundation, dedicated to supporting a more sustainable life model. A choice that appears in the same path already traced by companies such as Patagonia, whose entrepreneur Yvon Chouinard has sold 98% of the company to a non-profit association, or again as the Italian Almo Nature has chosen to do. The geometries and share weights are different but the principle is the same: profits not reinvested in the company are dedicated to projects for the protection of projects – including the environment, culture and art – which are closest to the entrepreneur’s heart.

Merlin entertainment, Gardaland is in the portfolio

But there’s more, as reported by Financial Times: according to the statute, the foundation will not oppose a possible listing in the event that the Kristiansen family unanimously supports the IPO project of any of its portfolio companies: in addition to Lego, Merlin entertainment, leader of the theme parks (also owns Gardaland) which is worth over £1.2bn in revenues. Until now, Lego has never wanted to hear about the Stock Exchange. Perhaps this tab could fall.

Disney model

In fact, Lego was the protagonist of an extraordinary phase of growth that made it one of the world champions in the sector. Not only through bricks which, thanks to heavy investments in technology, have overcome the crisis triggered by the arrival of digital games. And this thanks to a cocktail of film productions for cartoons, films and animated stories that have stimulated the public. The result? Lego saw revenues and operating profit grow by 60% since 2019, with profitability even higher than Hasbro and Mattel. Through the Kirkbi holding, the dynasty also owns the Legoland theme parks, acquired when it bought the majority of Merlin entertainment in 2019, alongside Blackstone and the Canada Pension Plan. Kirkbi’s strategy seems to wink at that of Disney. The new Legoland Discovery Centres, with the creation of characters and stories that are marketed through multiple channels, point that direction. On the stock exchange, says the FT, Merlin could be worth $8.5 billion. Lego — first in the world for ‘reputation’ according to RepTrack — could capitalize on almost 30 billion euros, equal to eleven times the operating result, the multiple applied to toy manufacturers.