Third Space
Liberty advises the management team of Third Space on the investment by KSL Capital Partners
Liberty are pleased to announce that they have advised the management team of Third Space, a luxury health club operator, on its investment by KSL Capital Partners.
The financial terms of the transaction were not disclosed, but Encore Capital will remain a significant investor in Third Space.
Launched in 2001, Third Space currently operates a portfolio of six clubs. The move comes as the operator has secured a substantial pipeline of new sites and plans to expand its estate across London.
Confirmed new openings include a seventh site, set to open in late 2021, at the heart of Mayfair at Number One Curzon St. In addition to new clubs, the company plans to continue to develop its brand outside of the traditional club environment, both digitally and "in new settings".
This transaction recognises the value of the Third Space business that has been created over the recent years, as well as the exciting potential in the years ahead. We now have the capital resources to fully develop that potential. Liberty facilitated a constructive dialogue throughout the process between the stakeholders, and ensured all interests remained aligned, and the entire management team is now incentivised and motivated for the next phase of growth. Liberty were a pleasure to work with.
Colin Waggett
CEO of Third Space
Colin, Samir and the team at Third Space have built a fantastic business and despite the pressures of Covid the business has continued to thrive, testament to the quality of the management team and their effort, energy and enthusiasm. The investment by KSL will enable the team to accelerate the pace of growth and deliver on their ambitious plans.
Simon Hill
Partner
+44 (0) 7813 601 051
simon.hill@libertycf.co.uk