Information on the Target

Verlinvest has successfully acquired a majority stake in Boulders, the largest chain of bouldering gyms in Denmark, expanding its Climbing Platform globally. This historic deal, announced on September 15, 2025, comes on the heels of their previous investment in The Climbing Hangar in the UK, resulting in a combined portfolio of 21 sites. Boulders, founded in 2009 in Copenhagen, attracts over 60,000 visitors monthly across its 10 locations. The company’s impressive growth trajectory is driven by its focus on high-quality facilities, sustainability-oriented design, and a variety of community-centered events.

Under the leadership of Ole Mørk and Martin Videbæk Petersen, Boulders has become a hub for climbers, providing dynamic climbing experiences through regular route updates by a top-tier route-setting team. The gyms feature a vibrant atmosphere enhanced by on-site cafés and events, effectively making climbing accessible to a diverse audience while fostering a strong community connection.

Industry Overview in Denmark

The bouldering and climbing industry in Denmark is evolving rapidly, driven by growing interest in fitness and outdoor activities. The sport's accessibility and community-focused nature make it attractive to a wide demographic, including families, students, and fitness enthusiasts. This shift is indicative of broader trends prioritizing health and wellness, with more individuals seeking engaging methods to stay active.

Furthermore, the Danish government's commitment to promoting active lifestyles supports initiatives that encourage community participation in various sports, including climbing. The bouldering market has witnessed consistent growth as urban populations seek out innovative recreational opportunities within city environments.

In addition, there has been a positive influence from other neighboring markets, particularly in Scandinavia and Germany, where climbing is experiencing similar popularity upticks. This regional growth creates a significant opportunity for companies like Boulders to expand their footprint and tap into new markets efficiently.

Boulders is well-positioned to benefit from this industry momentum, especially as climbing becomes more mainstream and integrated into health and wellness routines across Denmark and beyond. The increasing demand for unique fitness experiences underscores the potential for further expansion and diversification in revenue streams.

The Rationale Behind the Deal

The rationale for Verlinvest's investment in Boulders centers around the synergy between growing climbing participation and the company’s established brand and community engagement. By integrating Boulders into its Climbing Platform, Verlinvest aims to leverage its operational expertise and capital resources to expedite the chain's growth in the Nordic region and Germany.

This strategic partnership will enable Boulders to enhance its expansion strategies, pursue targeted acquisitions, and further develop its community-centric offerings that resonate with fitness enthusiasts. The collaboration represents an opportunity to scale a high-quality brand catering to the burgeoning bouldering market while diversifying revenue beyond conventional gym operations.

Information about the Investor

Verlinvest is a family-backed global investment firm that focuses on the consumer sector, with a commitment to sustainable growth. With an investment capacity of up to €200 million per transaction, Verlinvest identifies transformative trends in consumer behavior and partners with innovative businesses poised for scale. Established in 1995, the firm has a global presence with offices in key cities, including Brussels, London, New York, Mumbai, and Singapore.

The company boasts a diverse portfolio, including notable brands such as Oatly and Tony’s Chocolonely, and employs a multifaceted approach in its investment strategies, including Platform, Growth, and Venture. Looking ahead, Verlinvest aims to fortify its positioning in high-growth markets, tapping into niche sports and lifestyle sectors with considerable potential for mainstream adoption.

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The investment in Boulders by Verlinvest is a promising venture that aligns well with the firm’s mission of supporting purpose-driven brands. The growing popularity of climbing as both a sport and a recreational activity offers a solid foundation for future growth. Boulders' established reputation as Denmark's leading bouldering chain provides a robust platform on which to build, especially as climbing continues to gain traction globally.

Moreover, Verlinvest’s experience in scaling consumer-centric brands will be invaluable in maximizing Boulders' potential. By leveraging strategic resources, expert insights, and operational guidance, the partnership enhances the likelihood of successful expansion across the Nordics and into new markets. It opens doors for enriching the brand's community-focused model while also innovating revenue generation methods beyond conventional offerings.

However, as with any investment, there are inherent risks associated with scaling in a competitive landscape. The ability to adapt to changing market conditions and consumer preferences will be crucial for sustained success. Therefore, vigilant management and a clear vision for growth will be essential as Boulders embarks on this transformative journey.

In conclusion, the deal represents a strategic alignment of values and ambitions between Verlinvest and Boulders, positioning them for a successful trajectory in the evolving bouldering industry.

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