Kirkbi A/S, the family-owned holding and investment company of the LEGO brand, and BrainPOP, a leading video-based learning firm, have announced that they have entered into a definitive agreement for KIRKBI to acquire 100% ownership of BrainPOP.
The deal, reportedly for $875 million, was announced on Tuesday, October 11, 2022.
Founded by a former pediatrician and immunologist, Avraham Kadar, in 1999, BrainPOP is a trusted digital education brand offering online educational solutions that make rigorous learning experiences accessible and engaging for all. The New York-based company’s core products provide short, animated movies that spark kids’ innate curiosity, build their knowledge, and make complicated and sometimes intimidating ideas simple, clear, and thought-provoking, alongside learning activities to help educators and parents build kids’ higher-order thinking and life skills.
BrainPOP’s videos feature characters such as Moby the robot and usually last around six minutes. Its video topics include math, science, arts & music among other subjects, and are aimed at different grades. The company has a presence in over two-thirds of US school districts, with an estimated reach of 25 million students annually.
Commenting on the development, Jørgen Vig Knudstorp, Executive Chairman of LEGO Brand Group, said,
“BrainPOP’s values and commitment to deliver engaging learning experiences responsibly to millions of children is closely aligned with the LEGO Idea, which originated 90 years ago, and is all about enabling the development of all children through playful learning. With BrainPOP’s digital-first learning approach in the growing EdTech market, KIRKBI’s strategic acquisition of the company complements the LEGO branded entities, which all help kids learn through play, digitally and physically.”
Knudstorp added that under KIRKBI’s active ownership, backed by further investment, and led by CEO Scott Kirkpatrick and its nearly 300 employees, BrainPOP will continue to deliver amazing online educational experiences.
According to the terms of the agreement, BrainPOP will remain operationally independent of KIRKBI and the LEGO Group, with KIRKBI assuming full control and accountability for BrainPOP’s performance and governance.
“I cannot imagine a more authentically mission-aligned partner than KIRKBI, who will ensure that BrainPOP continues to reach, delight, and educate countless kids for many years to come,” said Avraham Kadar, M.D., Founder of BrainPOP.
Following the acquisition, Avraham Kadar will remain on the BrainPOP board of directors and Scott Kirkpatrick will continue as BrainPOP’s chief executive. Jørgen Vig Knudstorp will be the chairman of BrainPOP.
Scott Kirkpatrick, CEO, BrainPOP, added,
“Education is going through a digital transformation in schools and at home, resulting in the growing demand for high quality, engaging digital learning experiences for kids. Joining the Lego ecosystem will enable BrainPOP to pioneer new educational offerings and extend our reach globally. I am delighted that the Kadar family has entrusted BrainPOP to KIRKBI to accelerate our vision to be the authority that builds and measures the skills needed to thrive in tomorrow’s world.”
KIRKBI A/S is the Kirk Kristiansen family’s private holding and investment company founded to build a sustainable future for the family ownership of the LEGO brand through generations. It owns 75% of the LEGO Group and 47.5% of Merlin Entertainments. KIRKBI’s strategic investment activities also include investments in EPIC Games, renewable energy, significant long-term investments in companies such as ISS, Nilfisk, Falck, Armacell, Välinge and Landis+Gyr as well as real estate investments in Denmark, Switzerland, Germany and the UK.
