Verlinvest Acquires Majority Stake in Danish Gym Chain Boulders
In mid-September Verlinvest, a Brussels-based investment firm best known for early stakes in Oatly and Tony’s Chocolonely, announced that it had acquired a majority stake in Boulders, Denmark’s largest chain of climbing gyms. The deal gives Verlinvest control of ten facilities across Denmark’s four biggest cities, welcoming more than 60,000 monthly visitors. Although the financial terms remain undisclosed, the similar scale of Boulders’ business to The Climbing Hangar at the time of its acquisition suggests a transaction in the €15m–30m range. It follows hot on the heels of Verlinvest’s 2024 majority stake in The Climbing Hangar, a British operator now with eleven sites. Together, the two companies form a platform of 21 gyms, making Verlinvest one of the biggest players in Europe’s fragmented indoor climbing industry.
For Verlinvest, climbing is the latest niche pursuit it hopes to push into the mainstream. “Boulders is a pioneer in Denmark and a natural fit for our Climbing Platform,” said Ben Black of Verlinvest. “Alongside The Climbing Hangar in the UK, it brings a strong brand, loyal community, and proven ability to scale.” Ole Mørk, Boulders’ chief executive, echoed the enthusiasm: “With the agreement with Verlinvest I am delighted that we jointly can take the next step and build the leading bouldering chain internationally. We share the same values and ambitions, and I am excited to start this journey together.”
Boulders, founded in 2009, has grown rapidly by combining high-quality walls with community trappings. Its facilities are designed around sustainability, fitted with cafés, and kept fresh by weekly route resets from one of Denmark’s top-setting teams. Events and competitions, such as its flagship “Blocparty” series, help to maintain the sense of climbing as both sport and lifestyle. That formula has worked: Boulders has made the activity accessible to families, students and fitness enthusiasts who might never set foot on an outdoor crag.
The firm’s new backer is betting it can take that model further afield. With Verlinvest’s capital, Boulders aims to expand across the Nordics and Germany, while scouting for selective acquisitions. The strategy mirrors the trajectory of The Climbing Hangar, founded in Liverpool in 2011 by Ged MacDomhnaill. After modest early backing from Mercia Asset Management in 2021, the Hangar grew to five sites. Verlinvest’s majority acquisition in 2024, with a deal valued at £20m, supercharged that expansion. Over the few months the chain has added new facilities in Southampton and Bristol, bringing its total to eleven locations across England and Wales.
This makes the Hangar one of the first British climbing firms to scale beyond a regional footprint—a feat few operators in Europe have managed without external capital. Together with Boulders in Denmark, the Hangar gives Verlinvest a sturdy foothold in two of the continent’s more mature markets.
This is the first serious attempt to knit together a pan-European climbing business. Indoor climbing remains dominated by local and regional champions; even the largest chains rarely boast more than a dozen sites. That leaves Verlinvest with plenty of acquisition targets, though not without risks. Routesetting talent is in short supply, wall builders and hold manufacturers face production bottlenecks, and gyms are expensive to construct. The economics of scale are less straightforward than in, say, fitness clubs or fast-casual dining.
Still, Verlinvest’s wager is that the sport’s momentum more than compensates. Since climbing made its Olympic debut in Tokyo in 2021, participation has surged, particularly in metropolitan areas. The industry has also discovered ancillary revenues. Increasingly, gyms are borrowing from the wellness playbook, adding saunas, cold plunge pools, yoga studios and therapy suites—sometimes at the expense of climbing surface—to encourage members to linger and pay for premium add-ons. Co-working areas and cafés boost dwell time and, with it, supplementary sales. A customer who treats the gym as an all-day hangout is far more valuable than one who drops in for an hour’s training.
Such diversification is part of Verlinvest’s playbook. The firm describes its strategy as backing “niche, high-growth sports that have the potential to be mainstream and global at scale, with multiple revenue streams beyond traditional multi-site leisure players.” Its portfolio already includes karting operator K1 Speed and karaoke business KaraFun, both of which have turned specialist pastimes into polished entertainment brands.
The competition is stirring. In January 2024, French operator Climbing District raised €10m to expand into London and Milan, pitching itself as an urban lifestyle brand. Across Europe, dozens of mid-sized chains are circling capital injections. Consolidation seems inevitable. Whether the result is a few multinational gym groups or a patchwork of regional alliances will depend on how deftly investors manage the peculiarities of a sport that prizes community, variety and authenticity.
Therein lies the challenge. Climbers are notoriously sensitive to any whiff of over-commercialisation. Over-standardisation of routes, holds or gym design risks alienating core users. Some investors may assume that climbing gyms are little different from spin studios or five-a-side football centres; in practice, the blend of culture, craft and community makes scaling trickier. As one Hangar manager noted after last year’s deal, the key will be to keep investing in “premium holds, appropriately remunerating staff, and continually improving marketing presence.” In other words, not cutting corners.
Verlinvest appears to understand the balancing act. Its evergreen structure—rare among private equity firms—means it is not under pressure to flip its assets within a few years. That patience may help when returns are slower to mature. The firm has also shown a knack for spotting cultural shifts early, riding the wave of “conscious consumption” with Oatly and Tony’s Chocolonely. Climbing, with its eco-friendly aura and Instagrammable aesthetics, fits the mould.
Whether that bet pays off will depend on more than capital. Bouldering gyms are increasingly competing with each other not just for customers but for staff, setters and even wall space in crowded cities. The growth of ancillary services may bring in new customers, but also requires new skills—from barista training to physiotherapy. Investors may find themselves running small ecosystems rather than mere gyms.
