Parallel Media Group plc is 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 the company is raising £1.26m 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) on Completion.
The acquisitions of Brick Live and Parallel Live are part of the PMG’s strategic plans to expand its live entertainment offering. BRICKLIVE (Lego) events have been well-received globally and last weekend, BRICKLIVE shows were hosted simultaneously across three continents – Europe, Asia and South America.
The directors believe that 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.
The Company’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.
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 acquisition 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’s no limit to their creativity.”