The Lego Group’s owner, family holding company Kirkbi, has agreed to acquire a majority stake in the U.S. subsidiary of a German solar developer.
Kirkbi's target, the U.S. business of Enerparc, was founded in 2012, operates small- and mid-size solar plants and has over 100 MW of generation capacity in the country, including ground-mounted, pitched roof and carport installations.
The buyer is the Kirk Kristiansen family’s private investment company. It holds a 75% stake in Lego, the iconic Danish toy maker founded by Kristiansen, but has also been a renewable energy investor in Europe for years, with stakes in offshore wind projects off the coasts of the U.K. and Germany.
Last year, the group's head of renewables investments, Kasper Trebbien, made his first appearance at the REFF Wall Street conference in New York as he scoured the market for potential acquisitions (PFR, 6/22/18).
Kirkbi and Enerparc did not disclose financial terms or the size of the stake being sold. A spokesperson for Kirkbi in Copenhagen did not respond to an inquiry by press time. Enerparc’s management team will retain a minority stake.
“The significant majority stake in Enerparc Inc. gives KIRKBI a unique opportunity to take ownership in a company that has established an operational, commercial and scalable platform to bring solar power to many more Americans,” said Thomas Lau Schleicher, chief investment officer at Kirkbi, in a statement.
The Lego Group is also a buyer of renewable energy, having achieved its goal of sourcing 100% of its electricity from renewable sources in 2017.