Walltopia

Walltopia AD
Уолтопия АД
Private
Industry Climbing
Adventure park
Founded 1998 (1998)
Founders Ivaylo Penchev
Metin Musov
Headquarters Sofia, Bulgaria[1]
Area served
 Worldwide
Key people
Products Climbing wall
Ropes course
Obstacle course
Number of employees
 ~650[1] (2015)
Website www.walltopia.com

Walltopia AD is a Bulgarian climbing wall manufacturer. It was founded in 1998 by Ivaylo Penchev and Metin Musov.[2] Originally exclusively a climbing wall and other artificial rock surfaces manufacturer, the company has since branched out into adventure park construction and management.[3]

Walltopia is currently the largest manufacturer of artificial climbing walls in the world by volume.[2]

History

Founding and international growth (1998-2010)

Walltopia was founded in 1998 by Ivaylo Penchev and Metin Musov.[1] Prior to the establishment of the company, the two were climbers, both from Veliko Tarnovo. The company began as a manufacturer of climbing walls, immediately taking on projects outside of Bulgaria due to low local demand. They opened their first foreign office in late 2006 in the United Kingdom.[4] In 2006, they introduced mobile climbing walls and in 2007 they branched out to develop artificial rock surfaces not exclusively for climbing, but also for cosmetic purposes.[1] They opened their United States office in early 2008, which has since become their largest foreign office by revenue. Since then, the company has opened foreign offices in multiple other major markets.[4]

Branching out and strategic acquisitions (2010-Present)

In 2010, Walltopia opened a manufacturing plant in Letnitsa, and in 2012 expanded it to grow its production capacity.[5] In 2012, the company branched out of traditional climbing walls and introduced amusement climbing walls aimed at children and climbing beginners, under the brand Fun Walls, and rope courses, under the brand Ropetopia.[4] They began operating adventure parks with these products under the brand Funtopia in 2013.[1] In 2014, the company began construction of its new headquarters in Sofia Tech Park, becoming the first, currently only, private investor to build in the park.[6]

Walltopia introduced Harmonized Walls and e-walls in mid-2015.[4] Later that year, the company accepted investments from two equity funds, Bulgarian private equity fund BlackPeak Capital and Chinese equity fund China-CEE.[7] This facilitated their purchase of Salt Lake City-based climbing gym chain Momentum.[8] Additionally, they opened a manufacturing facility for their newly introduced climbing mat production, under the brand Climbmat, and an R&D facility for adventure park-related products near Sofia in the Bozhurishte economic zone.[9]

In 2016, the company added obstacle courses to its portfolio of adventure park products under the brand Ninja Course.[4]. In December of that year, the company moved into their new office building. In April of 2017, Walltopia opened its flagship gym inside its new office building under the name Walltopa Climbing & Fitness.[10][4]

Controversies

Sofia Tech Park

In 2017, the company's CEO Ivaylo Penchev sent out an open letter to the administration behind Sofia Tech Park, claiming that they were attempting to fine Walltopia for a delay the Mladost municipality had caused and that they had failed to deliver on their promises, concluding that the park is a failure. He also mentioned the Bozhurishte economic zone's failure to supply their factory with electricity in time.[11]

Following the open letter, all members of the park's leadership were let go, a decision which the Ministry of Economy of Bulgaria claimed was unrelated to the letter.[12]

References

  1. 1 2 3 4 5 Deprez, Esmé (November 10, 2015). "The Bulgarian Duo Leading an Indoor Rock Climbing Revolution". Bloomberg. Retrieved 6 August 2018.
  2. 1 2 Hope, Kerin (29 November 2016). "Walltopia capitalises on growth in climbing gyms". Financial Times. Retrieved 6 August 2018.
  3. ↑ "Funtopia, a new indoor playground". Chicago Tribune. 22 June 2016. Retrieved 6 August 2018.
  4. 1 2 3 4 5 6 "Our Story". Retrieved 6 August 2018.
  5. ↑ ""Уолтопия" премести стените за катерене в Летница". Dnevnik (in Bulgarian). Retrieved 6 August 2018.
  6. ↑ "Walltopia to Invest BGN 12 M in Sofia Tech Park". Novinite. Retrieved 6 August 2018.
  7. ↑ "Two Equity Funds Acquire Minority Stake in Bulgaria's Walltopia". Novinite. Retrieved 6 August 2018.
  8. ↑ "Walltopia continues to support the climbing industry growth with a new investment". 16 December 2016. Retrieved 6 August 2018.
  9. ↑ "Дъщерна фирма на "Уолтопия" прави развоен център в Божурище". Dnevnik (in Bulgarian). Retrieved 6 August 2018.
  10. ↑ "Иновациите в най-голямата зала за катерене в България" (in Bulgarian). Retrieved 6 August 2018.
  11. ↑ "Ивайло Пенчев към "София тех парк": Провалихте се. Ама яката!". Capital (in Bulgarian). Retrieved 6 August 2018.
  12. ↑ "Смениха цялото ръководство на "София тех парк"". Nova television (in Bulgarian). Retrieved 6 August 2018.
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