Kennedy Consolidated completes A$65 million acquisition of LEGO® Certified Stores Australia and New Zealand
By Julius Ewudo, Cyber Era NG ASEAN Region Representatives
Kennedy Consolidated has completed the A$65 million acquisition of the LEGO® Certified Stores business across Australia and New Zealand from Alquemie Group, establishing the foundation investment of its broader consumer investment platform. The Kennedy brand has a 50-year retail history in Australia, with the LEGO investment being the first retail acquisition under the Kennedy Consolidated banner.
The acquisition gives Kennedy Consolidated ownership and operating responsibility for the established network of LEGO Certified Stores across Australia and New Zealand, operating in partnership with the LEGO Group.
This includes the world’s largest LEGO store in Sydney, a 900m2 retail footprint in Sydney’s Pitt Street Mall and Melbourne’s 560m2 retail store located at Melbourne Central, with the total retail acquisition including twenty-one (21) stores in Australia and four (4) in New Zealand.
It brings together Kennedy Consolidated’s longstanding consumer and retail operating capability with institutional investment, capital formation and asset management expertise.
Kennedy Consolidated partnered with MGG Investment Group LP, a leading U.S.-based private investment firm, on the transaction.
Founder and CEO of Kennedy Consolidated, James Kennedy said: “We’re delighted to be able to seize the rare opportunity of an iconic brand such as LEGO coming to market and being in a position of strength to acquire it as a flagship acquisition for Kennedy Consolidated. It’s exactly the type of business we want to own: a great brand, a proven operating business and a clear runway for growth.”
“The LEGO brand is one of the world’s most recognised and enduring consumer brands, and the LEGO Certified Stores business has built an exceptional position across Australia and New Zealand. We see significant opportunity to continue investing in the network, the customer experience and the long-term growth of the business.”
“We’re very pleased to have completed the acquisition and look forward to building on what has already been established.”
The LEGO Certified Stores acquisition represents the foundation transaction for Kennedy Consolidated’s strategy to build a long-term portfolio of established consumer and branded businesses with strong cash generation and identifiable growth opportunities, alongside institutional and private capital partners.
Together, the platform is designed to combine the discipline and capital capability of an institutional investor with the operating experience of a long-term consumer business owner.
Vice President and General Manager, LEGO Australia & New Zealand, Troy Taylor said: “The LEGO brand holds a special place in the hearts of Australians and New Zealanders, from children building their very first LEGO set to adult fans who have loved the brick for decades. It’s a connection we are incredibly proud of.”
“The LEGO Certified Store model is central to how we engage directly and meaningfully with our fans, creating immersive play experiences that go beyond the product itself.”
“We are delighted to be partnering with Kennedy Consolidated as we enter this next phase of growth. Together, we will build on our strong store footprint across Australia & New Zealand while bringing new experiences to fans, reflecting our shared passion for the LEGO brand and the communities we serve.”
