Kirkbi

Last updated

Kirkbi A/S
Company type Private
Industry Family office
FoundedApril 1, 1995;29 years ago (1995-04-01)
Headquarters Billund, Denmark
Key people
Decrease2.svg 13.61 billion kr. (2022) [1]
Decrease2.svg 10.67 billion kr. (2022) [1]
AUM 97.00 billion kr. (2022) [2]
Total assets Increase2.svg 165.64 billion kr. (2022) [1]
Total equity Increase2.svg 139.50 billion kr. (2022) [1]
Owners
Number of employees
208 (2022) [1]
Subsidiaries
Website kirkbi.com

Kirkbi A/S (Kirkbi) is a Danish investment management company headquartered in Billund, Denmark that serves as a family office to manage the fortune of the Kristiansen family, the current owners of The Lego Group. It owns 75% of The Lego Group and 47.5% of Merlin Entertainments.

Contents

Kirkbi has additional offices in Copenhagen as well as Baar in Switzerland.

Background

Kirkbi was established on 1 April 1995, as a family office for the Kristiansen family, who are owners of The Lego Group. Its primary function is safeguarding the Lego brand and providing a creative platform for children. It also functions as the custodian of the Kristiansen family's wealth. It appoints one person from each generation as its active owner. After the death of Godtfred Kirk Christiansen, his son Kjeld took over. [3] [4]

Kirkbi also serves as an investment company for the Kristiansen family. Its investment activities can be split between core capital and thematic capital. Core capital includes real estate, equity, and fixed income assets, while thematic capital focuses on renewable energy investments. Notable companies that Kirbi has invested in for its core capital portfolio include Armacell, Falck, ISS A/S and Nilfisk. Kirkrbi also financed the Lego campus, which acts as the headquarters of The Lego Group. [3] [5] [6] [7] [8]

In 2007, Kjeld bought out Gunhild's share of Kirkbi, leaving Kjeld and his children as the sole owners of Kirkbi and the Lego Group. Gunhild formed Kirk Kapital. [4]

In 2005, The Lego Group sold Legoland to Merlin Entertainments during a time of financial distress. At the same time, Blackstone Inc. and Kirkbi acquired Merlin Entertainments for $105 million, with Kirkbi taking a 30% stake. In 2013, Merlin Entertainments held a $5.6 billion initial public offering, becoming a listed company. In 2019, Kirkbi, Blackstone, and CPP Investment Board took Merlin Entertainments private for $7.6 billion. This led to Kirkbi increasing its ownership of Merlin Entertainments to almost 50%. [6] [7] [9] [10]

In 2021, Kirkbi reported a profit of DKr 27 billion, quadrupling that of 2020, which was DKr 6.4 billion. The gains mainly came from its equity portfolio, with a return of 23.3%. However, it lost money regarding its stake in Merlin Entertainments due to COVID-19 lockdowns and its investments in fixed income and green energy. [6] [11]

On 1 May 2023, Kjeld passed ownership of Kirkbi to his son, Thomas Kirk Kristiansen, who now serves as the Chairman of Kirkbi and The Lego Group. 75% of Kirkbi shares will be split between the fourth generation of Thomas and his two sisters, Agnete and Sofie, where each will have around 25% each. Their father will hold 22.5%. [7] [12]

On 1 December 2023, Sofie sold 4 million shares in Kirkbi for $930 million. [13] [14]

See also

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References

  1. 1 2 3 4 5 "Kirkbi Annual Report 2022". issuu.
  2. ↑ (2022) "Equity director leaves Kirkbi for new job at CIP". energywatch.com. 17 August 2023.
  3. 1 2 "How KIRKBI family office manages legacy and wealth growth". Simple. Retrieved 18 November 2023.
  4. 1 2 "Lego-søskende deler milliarderne". DR (in Danish). 19 December 2007. Retrieved 18 November 2023.
  5. ↑ "Time to Play at LEGO | APM". www.apm.org.uk. 3 August 2020. Retrieved 18 November 2023.
  6. 1 2 3 "Kirkbi: Lego owner builds a case for diversification, brick by brick". Financial Times. 19 April 2022. Retrieved 18 November 2023.
  7. 1 2 3 "Lego: can the brick behemoth rival Disney?". www.ft.com. Retrieved 18 November 2023.
  8. ↑ Clark, Simon (31 March 2016). "Lego Owners Consider Joining With Other Wealthy Families for Acquisitions". Wall Street Journal. ISSN   0099-9660 . Retrieved 18 November 2023.
  9. ↑ "Merlin taken private in $7.5bn deal". Financier Worldwide. Retrieved 18 November 2023.
  10. ↑ "The Family Behind Lego Sold Legoland In 2005. Now They're Buying It Back". Fortune. Retrieved 18 November 2023.
  11. ↑ "Billionaire Lego Fund Surges on Toymaker, Portfolio Gains". Bloomberg.com. 19 April 2022. Retrieved 18 November 2023.
  12. ↑ Pelletier, Ashley (1 May 2023). "Kirk Kristiansen Family Passes The LEGO Group to a New Generation". The Toy Book. Retrieved 18 November 2023.
  13. ↑ "Lego founder's great-granddaughter ups her siblings' stakes in the iconic toymaker as she sells $930m worth of shares". Fortune Europe. Retrieved 1 December 2023.
  14. ↑ Wienberg, Christian (30 November 2023). "Lego Heir Sells $930 Million of Shares in Toymaker's Family Firm". Bloomberg.com. Retrieved 1 December 2023.
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