Merlin Entertainments

Merlin Entertainments Limited

Company type	Private
Industry	Entertainment
Predecessor	Vardon Attractions
Founded	1998
Founder	Nick Varney, Andrew Carr, senior leadership of Vardon Attractions
Fate	Acquired by consortium Motion JVCO Ltd in 2019
Headquarters	London , England, United Kingdom
Area served	Worldwide
Key people	Fiona Eastwood (CEO as of 2024)
Products	Theme park resorts, visitor attractions including Legoland, Madame Tussauds, Sea Life, Peppa Pig Theme Parks
Owner	Consortium Motion JVCO Ltd (including Kirkbi)
Website	www.merlinentertainments.biz

Merlin Entertainments Limited is an international entertainment enterprise based in London, England, managing a wide array of theme park resorts and visitor destinations worldwide. It was listed on the London Stock Exchange until November 2019, when ownership transferred to the consortium Motion JVCO Ltd, which includes Kirkbi, the investment division of the Kristiansen family behind the Lego Group.

History

In December 1998, Nick Varney, Andrew Carr, alongside the senior leadership of Vardon Attractions, executed a management buyout to establish Merlin Entertainments Group Ltd., supported by private equity firm Apax Partners. Apax divested Merlin in 2004 to Hermes Private Equity.

The Blackstone Group acquired Merlin from Hermes in May 2005 and embarked on an aggressive growth strategy. Between 2005 and 2010, Merlin expanded through acquisitions including Legoland parks, Gardaland, The Tussauds Group, Cypress Gardens, as well as assets from Village Roadshow Theme Parks and Living and Leisure Australia. Merlin went public on the London Stock Exchange in 2013 before reverting to private ownership in 2019.

Key acquisitions (2005–2012)

Following Blackstone’s acquisition of Merlin, the company secured ownership of Legoland theme parks in 2005 for approximately £250 million, integrating them into Merlin’s portfolio. Kirkbi A/S, LEGO’s investment arm, also acquired a stake in Merlin Entertainments.

In 2006, Merlin expanded by purchasing Gardaland theme park resort located in northeastern Italy.

In May 2007, Blackstone completed the acquisition of The Tussauds Group, proprietor of Madame Tussauds wax museums, for US$1.9 billion, merging it with Merlin. Dubai International Capital, the former owner, received a 20% shareholding in the merged company alongside £1.03 billion in cash.

To fund the Tussauds acquisition on 17 July 2007, freehold properties including Alton Towers, Thorpe Park, Warwick Castle, and Madame Tussauds were sold to investor Nick Leslau and Prestbury under a 35-year leaseback arrangement.

Merlin purchased Cypress Gardens in Winter Haven, Florida on 15 January 2010 and subsequently reopened it as Legoland Florida.

Towards the end of 2010, Merlin agreed to acquire entertainment venues valued at around A$116 million from Village Roadshow Theme Parks across Australia and New Zealand. This transaction encompassed Sydney Aquarium, Sydney Wildlife World, Oceanworld Manly, Sydney Tower, Koala Gallery in Australia, as well as Kelly Tarlton's Underwater World in New Zealand. The deal concluded on 3 March 2011.

Shortly after came a $140 million purchase of Living and Leisure Australia, which owned multiple attractions throughout the Asia-Pacific region such as UnderWater World Queensland, Melbourne Aquarium, Falls Creek Alpine Resort, Hotham Alpine Resort, Otway Fly, Illawarra Fly, Busan Aquarium and Siam Ocean World.

Public listing (2013–2019)

Although Merlin intended to launch an initial public offering in the early 2000s, market instability postponed these plans. Instead, Blackstone sold a 20% stake to private equity firm CVC Capital Partners, reducing its holding to 34%. CVC further acquired an additional 8% from a Dubai investment fund for a total of 28%. Meanwhile, Kirkbi—the Danish family trust behind LEGO—increased its ownership to 36%, becoming the largest shareholder. CVC’s investment valued Merlin at £2.25 billion—more than six times its worth when Blackstone purchased it five years earlier. By then Blackstone’s stake had tripled in value.

On 8 November 2013, Merlin offered 30% of its shares on the London Stock Exchange at a valuation close to £3.4 billion.

In 2015, Merlin inaugurated the Orlando Eye Ferris wheel in Florida; it sold this asset in 2018 but reacquired it by 2024.

In October 2017, rumors emerged that Merlin was exploring acquisition of SeaWorld Orlando, though the company later confirmed it had ceased pursuing this opportunity.

Return to private ownership (2019–present)

In June 2019, Merlin's board endorsed a £4.8 billion acquisition proposal from a consortium comprising Kirkbi A/S, CPP Investment Board, and The Blackstone Group. The transaction received approval from the High Court in November 2019.

Merlin debuted its inaugural Peppa Pig Theme Park in Winter Haven, Florida in 2022, with additional venues planned for Texas and Günzburg, Germany.

At the close of 2022, Nick Varney stepped down as CEO, alongside Chief Development Officer Mark Fisher. Scott O'Neil, whose expertise lies in media and sports management, took over the CEO role.

In March 2023, Merlin abandoned plans for a Legoland resort in Belgium, originally slated for 2027 on a site formerly occupied by a Caterpillar factory in Gosselies. By late 2024, both Little Big City attractions in Berlin and Beijing, as well as the Bear Grylls Adventure in Birmingham, had ceased operations.

November 2024 saw Merlin enter into a $110 million collaboration with Microsoft and Mojang Studios to develop theme park experiences inspired by the popular game "Minecraft."

Following O'Neil’s departure at the end of 2024, Chief Operating Officer Fiona Eastwood assumed the CEO position. Concurrently, Merlin initiated a reorganization to integrate its Resort Theme Parks, Legoland Parks, and Gateway Attractions divisions into a single unified regional business unit.

In 2025, Merlin considered divesting numerous Sea Life Centres but did not receive compelling offers. In June, Blackpool Council took control of most of Merlin’s Blackpool attractions—including Blackpool Tower, Blackpool Dungeon, and Madame Tussauds Blackpool—which it owns. By September, Merlin reached an agreement to sell its Lego Discovery Centres back to the Lego Group (part-owned by Kirkbi) for an estimated £200 million.

Resort theme parks

Name	Location	Year opened	Year acquired	Notes
Gardaland Resort	Castelnuovo del Garda, Italy	1975	2006	Owner and operator; acquired through Blackstone.
Heide Park Resort	Soltau, Lower Saxony, Germany	1978	2007	Operator; obtained via Tussauds Group acquisition.
Thorpe Park	Template:Country data UKTemplate:Namespace detect showall Chertsey, Surrey, UK	1979	2007	Operator; acquired as part of Tussauds Group deal.
Alton Towers Resort	Template:Country data UKTemplate:Namespace detect showall Alton, Staffordshire, UK	1980	2007	Operator; acquired through Tussauds Group acquisition.
Chessington World of Adventures Resort	Template:Country data UKTemplate:Namespace detect showall Chessington, Greater London, UK	1987	2007	Owner and operator; purchased under Tussauds Group deal.

LEGOLAND parks

Name	Location	Year opened	Year acquired	Notes
Legoland Billund Resort	Billund, Denmark	1968	2005	Acquired through Blackstone transaction.
Legoland Windsor Resort	Template:Country data UKTemplate:Namespace detect showall Windsor, UK	1996	2005	Included in Blackstone acquisition.
Legoland California Resort	Carlsbad, California, U.S.	1999	2005	Part of Blackstone purchase.
Legoland Deutschland Resort	Günzburg, Germany	2002	2005	Acquired within Blackstone deal.
Legoland Florida Resort	Winter Haven, Florida, U.S.	2011		Formerly known as Cypress Gardens.
Legoland Malaysia Resort	Template:Country data MalaysiaTemplate:Namespace detect showall Johor Bahru, Malaysia	2012		Newly constructed park.
Legoland Dubai Resort	Template:Country data UAETemplate:Namespace detect showall Jebel Ali, Dubai, United Arab Emirates	2016		Operated under franchise agreement with Dubai Parks and Resorts.
Legoland Japan Resort	Nagoya, Japan	2017		Newly established park.

Gateway Attractions

Madame Tussauds

Name	Locations	Year Established	Year Purchased	Remarks
Cadbury World	Template:Country data UKTemplate:Namespace detect showall Birmingham, UK	1990	2023	Operated under management contract only.
The Dungeons	Template:Country data UKTemplate:Namespace detect showall Blackpool Template:Country data UKTemplate:Namespace detect showall London Template:Country data UKTemplate:Namespace detect showall York Template:Country data UKTemplate:Namespace detect showall Edinburgh Berlin Hamburg Amsterdam	2011 1974 1986 2000 2013 2000 2005	1999	Brand and sites established before 1999 were acquired through a management buyout of Vardon Attractions. The Blackpool location will operate as a franchise from August 2025.
The Eye Brand	Template:Country data UKTemplate:Namespace detect showall London Template:Country data AUSTemplate:Namespace detect showall Sydney Orlando	2000 1981 2015	2007 2011 2024
The Gruffalo & Friends Clubhouse	Template:Country data UKTemplate:Namespace detect showall Blackpool	2023
DreamWorks Tours: Shrek's Adventure!	Template:Country data UKTemplate:Namespace detect showall London	2015		Operates under license from Universal Pictures and DreamWorks Animation.
LEGO Discovery Centres	Template:Country data UKTemplate:Namespace detect showall Birmingham (Arena Birmingham) Template:Country data UKTemplate:Namespace detect showall Manchester (Trafford Centre) Berlin (The Center Potsdamer Platz) Hamburg Oberhausen Phoenix (Arizona Mills) Atlanta (Phipps Plaza) Bay Area (San Jose) (Great Mall of the Bay Area) Boston Chicago (The Streets of Woodfield) Columbus (Easton Town Center) Dallas Fort Worth (Grapevine Mills) Kansas City (Crown Center) Michigan (Great Lakes Crossing Outlets) New Jersey (American Dream Meadowlands) Philadelphia (Plymouth Meeting Mall) Westchester (New York) (Westchester's Ridge Hill) Washington (Springfield Town Center) San Antonio (Shops at Rivercenter) Toronto (Vaughan Mills) Melbourne (Chadstone Shopping Centre) Template:Country data ChinaTemplate:Namespace detect showall Beijing Template:Country data ChinaTemplate:Namespace detect showall Shanghai Template:Country data ChinaTemplate:Namespace detect showall Shenyang Template:Country data Hong KongTemplate:Namespace detect showall Hong Kong Osaka Tokyo Scheveningen Brussels			China locations operate under franchise agreements only.
Template:Country data UKTemplate:Namespace detect showall London Blackpool Template:Country data CzechiaTemplate:Namespace detect showall Prague Vienna Berlin Amsterdam Budapest Hollywood Las Vegas Nashville New York Orlando Sydney Shanghai Wuhan Hong Kong Tokyo Singapore Bangkok Dubai		2007	Brand and sites prior to 2007 were obtained through the Tussauds Group merger. Locations in China, except Hong Kong, Prague, and Budapest are operated as franchises. Blackpool site will become franchise-based starting August 2025.
Peppa Pig World of Play	Shanghai (franchise) Auburn Hills, Michigan Grapevine, Texas Chicago, Illinois Leidschendam, Netherlands	2018–2022
Sea Life	Birmingham, Blackpool, Brighton, Great Yarmouth, Gweek, Hunstanton, Manchester, London Aquarium, Scarborough, Weymouth, Loch Lomond (all UK) Blankenberge (Belgium) Hanover, Konstanz, Munich, Oberhausen, Speyer, Timmendorfer Strand (Germany) Helsinki (Finland) Castelnuovo del Garda, Jesolo (Italy) Scheveningen (Netherlands) Porto (Portugal) Benalmadena (Spain) Paris (France) Arizona, Orlando, New Jersey, San Antonio (USA) Melbourne, Mooloolaba, Sydney (Australia) Auckland (New Zealand) Shanghai (franchise) Nagoya (Japan) Iskandar Puteri (Malaysia) Busan (South Korea) Bangkok (Thailand)	1999	Brand and pre-1999 venues were secured through a management buyout of Vardon Attractions. Shanghai site operates on a franchise basis.
Warwick Castle	United Kingdom	1978	2007	Acquired as part of the Tussauds Group merger.

Upcoming Sites

Name	Location	Expected Launch
Legoland Sichuan	Template:Country data ChinaTemplate:Namespace detect showall Chengdu, Sichuan, China	2025
Legoland Shenzhen Resort	Template:Country data ChinaTemplate:Namespace detect showall Shenzhen, China	2027
Legoland Beijing Resort	Template:Country data ChinaTemplate:Namespace detect showall Fangshan District, Beijing, China	2028

Previous Sites

  San Francisco Dungeon    San Francisco   2014      Closed   2022      Closed permanently due to COVID-19; no reopening planned.   The Shanghai Dungeon    Shanghai   2018      Closed   2024      Sea Life Berlin    Berlin      Closed   2024      Sea Life Bray Aquarium    Bray, Ireland  1998     Closed  2023     Sea Life Hastings   Hastings, England 1998    Sold 2012 Currently operated as Blue Reef Aquarium. Sea Life Istanbul Istanbul 2009    Closed 2024    Sea Life Königswinter Königswinter    Closed 2023    Sea Life St Andrews St Andrews, Scotland 1999 TBA Sold TBA Now functioning as St. Andrews Aquarium. Manly Sea Life Sanctuary Manly, New South Wales 1965 2010 Closed 2018 Scottish Sea Life Sanctuary Oban, Scotland 1979 Closed 2018

Name	Location	Opened	Acquired	Outcome	Closed/Sold	Remarks
Abenteuer Park Oberhausen	Oberhausen, Germany	1996	2011	Closed	2015	Operated previously as CentrO.Park (1996–2011) and Sea Life Abenteuer Park (2013).
The Bear Grylls Adventure	Birmingham, UK	2018		Closed	2024
Blackpool Tower	Blackpool, UK	1894	2011		2025	Managed under contract from Blackpool Council since 2011; Blackpool Tourism Ltd to take over in August 2025.
Earth Explorer	Ostend, Belgium	2004		Sold	2013
Falls Creek ski resort	Victoria, Australia	1946	2011	Sold	2019	Purchased through MFS Living and Leisure; transferred to Vail Resorts in 2019.
Hotham Alpine Resort	Victoria, Australia	1925	2011	Sold	2019	Included in MFS Living and Leisure acquisition; sold to Vail Resorts.
Illawarra Fly	Australia	2005	2016	Sold	2024
Little Big City	Berlin Beijing	2017 2018		Closed	2024
Legoland Discovery Centre Duisburg	Duisburg	2007		Closed	2013	Moved operations to Oberhausen.
Legoland Discovery Centre Hotham	Mt Hotham at Hotham Alpine Resort	2018		Closed	2018
Legoland Discovery Centre Istanbul	Istanbul	2015		Closed	2024
London Planetarium	London	1958	2007	Closed	2010	Integrated into Madame Tussauds London.
Madame Tussauds Delhi	New Delhi	2017		Closed	2020	Shut down due to COVID-19; relocated to Noida in 2022.
Madame Tussauds Washington D.C.	Washington D.C.	2007		Closed	2021	Permanently closed post-pandemic.
Madame Tussauds India at DLF Mall of India	Noida	2022		Closed	2023	Relocated from Delhi location.
Madame Tussauds San Francisco	San Francisco	2014		Closed	2024
Madame Tussauds Istanbul	Istanbul	2016		Closed	2024
Madame Tussauds Chongqing	Chongqing	2016		Closed	2025
Madame Tussauds Beijing	Beijing	2014		Closed	2025
Otway Fly	Australia	2003	2016	Sold	2024
Peter Rabbit: Explore and Play	Blackpool			Closed	2025   |
} External links