Urban Apes Acquires der Steinbock
Urban Apes, the rapidly expanding northern German bouldering chain, has made a strategic move by acquiring its southern counterpart, der Steinbock, including its CaféKraft Nürnberg and Escaladrome Hannover locations. This acquisition marks a significant moment in the German climbing gym market, as the two companies merge to form Europe’s third-largest climbing gym chain. The deal, finalized after several rounds of negotiation, signals Urban Apes' ambition to further consolidate its position in the DACH (Germany, Austria, Switzerland) region and beyond.
Founded in 2011, Urban Apes opened its first gym in 2012 and expanded over the following years, including two gyms in Hamburg by 2019. Like many businesses, the company was hit hard by the COVID-19 pandemic. However, Urban Apes proved resilient, securing significant financial backing during the lockdowns. As restrictions lifted and the industry began to recover, Urban Apes was in a prime position to capitalize on opportunities in the market. As gym operators sought to exit, worn down by the challenges of recovery, Urban Apes seized the moment, acquiring four gyms and opening two more.
The merger with der Steinbock, which had been in the works since 2022, was not without its challenges. Negotiations were lengthy and fraught with disagreements, but ultimately, both sides agreed on terms. The combined entity now operates 18 (soon to be 19) locations, employs over 700 staff, and sets more than 15,000 new blocs annually. While details of the deal's financials remain undisclosed, we estimate the valuation of the merged company likely lies in the mid-tens of millions of euros, given its prominent position in the market.
The merger brings operational efficiencies, but the management team has assured that redundancies will not be necessary. Urban Apes had already anticipated the workforce expansion and adjusted hiring plans accordingly. Additionally, the founders of der Steinbock will remain with the company, which should help maintain continuity and leverage their extensive experience.
Looking ahead, Lars Grosskurth, Urban Apes' CEO, and Linus Moellers of Family Trust (a major investor) indicated that the focus will be on further expansion in the DACH region, both through acquisitions and the organic growth of new sites. While there is no immediate push to unify the branding of the two chains, the priority is ensuring the continued delivery of high-quality experiences for climbers. They expect mergers and acquisitions to become increasingly central to growth in the climbing gym sector, as the cost of opening new gyms continues to rise. With large players like Climbing District (France) and The Climbing Hangar (UK) securing tens of millions in investment to fuel rapid expansion, Urban Apes’ approach to consolidation seems to align with broader trends in the industry.
