maconda supports Vendis Capital in the refinancing of the corporate group around BlueBrixx
maconda News July 2026
Vendis Capital, the pan-European private equity investor specializing in consumer products and services, once again relied on maconda’s comprehensive consumer goods expertise and extensive analytical experience. Vendis recommended the Cologne-based “business model experts” from maconda to its portfolio company BlueBrixx and Model Car World for a Commercial Review ahead of a planned refinancing. The group is a leading German omnichannel provider of interlocking building blocks and model vehicles. As early as 2021, the maconda team prepared Vendis Capital’s majority stake in the group with a creative Strategy Due Diligence.
In the exciting market for interlocking building blocks—target audience: adult model-building enthusiasts—BlueBrixx has successfully and clearly positioned itself as a German quality provider against numerous low-cost competitors, primarily from China. Its own online shop and a nationwide network of more than 40 brick-and-mortar stores give BlueBrixx direct access to its customers and high visibility. In addition to this highly autonomous D2C approach, BlueBrixx’s success is driven by a broad product portfolio with more than 6,900 products from themed areas such as architecture, cars, trains, aerospace, and adventure, most of which are developed in-house but also include sets from third-party suppliers.
Themed worlds with their complex sets, often built as series, particularly captivate adult customers—affectionately called “Kidults” in the industry—and also address their passion for collecting. Combined with an attractive price-performance ratio, BlueBrixx appeals not only to adult fans and collectors but increasingly to families as well, thereby unlocking further growth potential.
Achieving the goal with a multi-stage Commercial Review approach
As with the Due Diligence in 2021, the maconda team was once again tasked ahead of the now-completed refinancing with presenting the business model, performance, and strategic options in this niche market in an understandable way. To do so, the experienced consultants again employed their innovative approach, combining various analyses in a multi-stage Commercial Review framework.
In addition to classic market and competitive analyses, the consulting team conducted differentiated price analyses and detailed product comparisons among the relevant market participants. The underlying assortment data were collected directly from various websites using maconda’s proprietary web-scraping tool to ensure maximum granularity and analytical depth. These findings were further substantiated by store checks and expert interviews. This enables the generation of robust commercial insights in markets where standardized market data are available only to a limited extent or not in sufficient detail.
And during the obligatory tour of the company, the maconda consultants were able to virtually grasp the high creativity of the BlueBrixx development team. In this way, the Cologne consulting boutique succeeded in painting a convincing picture of the corporate group around BlueBrixx and its future prospects despite the thin external data landscape—a solid foundation for the refinancing.
About BlueBrixx
BlueBrixx is a German specialist provider of interlocking building block sets. The brand is particularly known for its complex and detailed models and themed worlds specifically for adult enthusiasts (“Kidults”). BlueBrixx started in 2017 with its own online shop and around 15 stores in Germany. There are currently over 40 locations.
About Vendis Capital
Vendis Capital is a pan-European private equity firm that invests in consumer goods companies with the potential to assume a leading role in their segment. With a team covering the Benelux, France, DACH, and Nordic regions across multiple offices, Vendis Capital has built and scaled more than 50 consumer brands in Western Europe since its founding in 2009. In 2021, Vendis became the majority shareholder of BlueBrixx and Model Car World.
maconda develops innovative Commercial Review in a growing niche market
By supporting Vendis Capital in the refinancing process, maconda contributed to the next milestone for the corporate group. The project underscores BlueBrixx’s strong omnichannel position, the importance of direct customer access, and the scalability of the portfolio-driven business model.
The maconda team possesses proven experience in the consumer goods, retail and wholesale, and digital and omnichannel business model sectors. Its expertise encompasses numerous Commercial Due Diligence projects, engagements for strategic realignment, and projects to optimize business models and operational performance. In doing so, maconda provides support in established markets as well as in highly specialized niche segments.
Intensive industry experience: Toys, including electronics, wood, plush, model railways | Hobby & leisure | Gift items | Apparel, shoes, bags | Consumer goods of all kinds | DIY | Brands | eCommerce across many industries | Social media | Omnichannel | Retail | Specialty retail | and much more
maconda sector competencies: Consumer goods | Food | Retail & eCommerce | B2B services (incl. business process outsourcing) | B2C services | Packaging | Manufacturing industry | Future technologies & software
maconda core topics: Commercial Transaction Services | performance management | Business model optimization