A conditional agreement has been made for the Parallel Media Group (PMG) to acquire BRICKLIVE, the prominent unofficial LEGO convention brand. PMG, the company will be launching LEGO LIVE New York next year, will be renamed Live Company Group and take BRICKLIVE public. The acquisition is expected to be confirmed on December 27.
More details are provided in the press release:
Parallel Media Group plc today announces that it has conditionally agreed to acquire Brick Live and Parallel Live, to create a new live entertainment events company – Live Company Group – and bring BRICKLIVE to London’s Alternative Investment Market (AIM).
The acquisition of the two companies and of partners’ shares in Brick Live Far East, are valued at £10m, and PMG is raising £1.3m through a share placing at 30p. On completion, the enlarged group will have a market value of £14.5m.
To reflect the enlarged group’s new business focus it will be renamed Live Company Group plc (AIM: LVCG).
The acquisitions of Brick Live and Parallel Live are part of PMG’s strategic plans to expand its live entertainment offering. BRICKLIVE events have received widespread acclaim as a leading network of partner-driven shows designed to showcase the benefits of LEGO® as an educational tool worldwide. Last weekend, BRICKLIVE shows were hosted simultaneously across three continents – Europe, Asia and South America.
The increased profile of being part of a public company will assist Brick Live’s growth strategy and support it in finding further high-quality licensee partners for events.
PMG’s strategy is to build on the success of BRICKLIVE partner-driven events in the UK, South Korea, Japan, Switzerland and Brazil to further extend the global footprint of these shows, with a focus on the Far East and China, in particular.
Brick Live has delivered a phenomenal set of events in 2017. During the past two months alone BRICKLIVE exhibitions have run in Birmingham, Brussels, Campinas in Brazil and Osaka. Meanwhile, the latest BRICKLIVE show will open in Naples tomorrow (Friday 1st December), before ending the year with a special Christmas showcase at London’s Saatchi Gallery, which launched on 25th November and will run until 7th January 2018. Brick Live will have delivered a total of 17 events by the end 2017, with expansion set to bring the total number of shows to 30 in 2018.
The acquisitions and placing are expected to complete on 27th December, following shareholder approval.
David Ciclitira, executive chairman at Parallel Media Group, said: “Since our Birmingham NEC show in October 2016, we have been on an amazing growth journey that is testament to both the talented BRICKLIVE team, and our phenomenal partners. The acquisitions of Brick Live and Parallel Live, and the bringing of BRICKLIVE to the public market, couldn’t come at a better time. Having just successfully launched three BRICKLIVE shows on three continents simultaneously, this is a momentous point in a very successful year. This transaction will give us the springboard we need to take our stand-out events to the next level; expanding into an even greater geographic and fostering an incredible learning environment for even more children around the globe, teaching them that there is no limit to their creativity.”