Block'Out acquired by Arkose

Arkose acquired Block’Out in full in November 2026 through a share-for-share exchange. Cap Change, the investment company of the Le Garrec family, held 100% of Chanoar, the Block’Out holding company, and contributed those shares in return for newly issued Arkose shares valued in line with the acquired group, so no cash was paid. Cap Change became a minority shareholder of Arkose & Co with a non-voting observer seat on the board, alongside NextStage AM, Bpifrance and the four founders, who retained control of governance under shareholder arrangements that prevent their removal. No single shareholder holds a majority. Block’Out operated 12 bouldering gyms across France, combining climbing areas with restaurants and wellness facilities, and generated revenue of €5–25M in 2025. Its founders had withdrawn from management some years earlier, which removed the governance obstacle that had blocked an earlier approach in 2021. The two networks overlap in only one city, and Chanoar will initially remain a separate subsidiary, each Block’Out gym continuing to be operated by its own company. The combined group operates 47 sites and generates more than 60 million euros of revenue, making it the largest indoor climbing network by number of gyms. All Block’Out sites are to be rebranded Arkose within a year. The transaction responds to conditions that have deteriorated across the sector. Attendance at France’s approximately 300 private climbing gyms rose by 0.2% in 2025 while revenue fell 5%, following several years in which operators opened aggressively in major cities. Energy costs have risen, ancillary revenue from food and drink weakened until the end of 2025, and the sector has seen closures, one receivership and governance difficulties at another operator. Both groups carry substantial debt from their expansion. Scale addresses the structural problem. A head office of around 40 people is required to manage ventilation systems, route setting, menus, procurement, customer acquisition and human resources, and that cost is the same whether it supports 15 gyms or 50. With per-gym profitability declining, spreading it across a larger estate is what restores margin. The group expects further acquisitions alongside around ten franchise openings over 2027 and 2028.