Airtopia
Adventure
Parks
Airtopia Adventure Parks is a family entertainment center (“FEC”) operator founded by Felix Waller, who brings nearly 30 years of business experience across the entertainment and hospitality industries. Built on a mission of delivering exceptional, all-ages family entertainment through clean, safe, affordable, and memorable experiences, Airtopia has grown from a single-location concept into a multi-site regional brand with a clear national expansion trajectory.
Current Operations
Airtopia currently operates three locations, generating annualized revenue of approximately $11.96 million at a 24% profit margin. Each park features a comprehensive suite of attractions including trampolines, ropes courses, expansive play structures, climbing walls, arcade games, birthday party facilities, food and beverage offerings, and a Sky Lounge for adult guests. The company’s business model is diversified across multiple revenue streams — general admission, memberships, birthday and group events, arcade, and F&B — which together support consistent per-guest spending and predictable recurring revenue. Airtopia carries no significant debt and has demonstrated stable cash flows across its operating portfolio.
Market selection is driven by a disciplined framework that evaluates population density relative to existing parks, facility size potential, competitive saturation, income demographics, and systemized expense scalability — criteria designed to protect margins and maximize market share in each new location.
2026 Expansion
— 7 Locations
Airtopia is currently executing a near-term expansion that will bring its total footprint to seven locations by the end of 2026. Two additional parks are slated to open during the year — one in Roswell and one in San Bernardino — with projected annualized revenues of $3.57 million and $6.0 million, respectively. Two further locations in Tahlequah and McAlester carry projected annualized revenues of $2.23 million and $3.0 million. Across all seven locations, the combined annualized revenue projection is $26.76 million, with an annualized profit of approximately $6.42 million at a sustained 24% margin.
2027 Expansion
— 16 Locations
The company’s 2027 growth plan targets a total of 16 operating locations through entry into major metropolitan and suburban markets across the country, including Houston, TX; Bedford, TX; El Cajon, CA; Troy, MI; Livonia, MI; Lincolnwood, IL; Westmont, IL; Centennial, CO; and Fairlawn, OH. Individual location revenue projections range from $5.0 million to $12.0 million annually. At full build-out across 16 locations, Airtopia projects combined annual revenue of $89.76 million, net profit of $21.54 million, and EBITDA of approximately $26.93 million (30% EBITDA margin). Applying an industry-standard valuation multiple of 6x EBITDA — consistent with comps for established, multi-location FEC operators — the implied enterprise valuation at that stage approaches $161.6 million.
Value Creation Drivers
As Airtopia scales, the business benefits from shared operating leverage across its growing location portfolio, technology investments that improve staffing efficiency and guest flow, membership programs that generate recurring revenue, and upsell opportunities through events, arcade, and food and beverage. A multi-location portfolio also positions the company for potential recapitalization, strategic partnership, or exit opportunities in future periods.
All revenue and profit figures are annualized and based on company proformas. Projections are forward-looking and do not constitute a guarantee of future results.