Press

August 06, 2021

THIRD SPACE ANNOUNCES PARTNERSHIP WITH KSL CAPITAL PARTNERS

Luxury Health & Fitness brand enters next phase of expansion with an investment from KSL Capital Partners
 
 LONDON, 6 August 2021 -- Third Space, the luxury health and fitness brand, announced today that an affiliate of KSL Capital Partners, LLC (KSL) has acquired a majority interest in the company from Encore Capital, who originally invested in the company in 2010.   Encore Capital will remain a significant investor in the company. The financial terms of the transaction were not disclosed.
 
Third Space has ambitious plans to take its unique luxury health and wellness offer to more of London’s most exciting locations, including later this year to the heart of Mayfair at Number One Curzon St. In addition to its iconic clubs, the company plans to continue to develop its brand outside of the club environment, both digitally and in new settings.
 
Colin Waggett, CEO of Third Space, said, “KSL’s reputation and experience as global investors in leisure, combined with Encore’s deep understanding of the London market, makes for an exciting new chapter for Third Space with significant opportunities.  We are recovering swiftly from the pandemic, with members prioritising their fitness more than ever.  Our clubs provide exactly the sort of environment in which people feel both safe and inspired. Our brand has never been in more demand from landlords looking to differentiate their developments, and we are excited at the prospect of taking Third Space to more parts of London.  We have committed investors in Encore and with the addition of KSL, we are uniquely placed to capitalise on these opportunities.”
 
Shirin Gandhi, Partner, Encore Capital, said, “As we move to the next stage, the business has secured a substantial pipeline of new opportunities and we are delighted to partner with KSL. We love the Third Space business, are proud of how the brand has been built over the last 10 years, and believe in its future potential.”
 
Martin Edsinger, Principal at KSL, said, “Third Space’s mission and growth plan align perfectly with KSL's long history of investing in differentiated, experiential hospitality and wellness brands that are committed to people and community impact. We are privileged to partner with an exceptional management team with such a strong operational foundation as well as Encore Capital’s unique London knowledge. We look forward to helping Third Space grow in new and existing markets."
 
About Third Space
 
Third Space is a luxury fitness lifestyle brand offering a unique high-quality fitness and wellness experience. Third Space was launched in 2001 and operates a portfolio of clubs in iconic locations across London, including Canary Wharf, Tower Bridge, Soho, Marylebone, Tower Bridge, and Islington with a seventh location due to open in Mayfair in late 2021. Third Space employs 600 full time staff and is led by an experienced management team committed to executing a high-quality expansion plan.
 
About KSL Capital Partners
 
KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services.  KSL has offices in Denver, Colorado; London, England; Singapore; and Stamford, Connecticut.  For additional information, please see www.kslcapital.com.
 
About Encore Capital
 
Encore Capital is a London-based investment firm that focuses on backing entrepreneurial growth businesses. With a long-term outlook, the Encore team works closely with best-in-class management teams to create market leaders through both organic and acquisition-led strategies. For more information visit www.encorecapital.co.uk.
 
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Media Contacts:
 
For Third Space: Emily Austen, Emerge
+44 (0)203 735 5105; emily@emergelimited.com
 
For KSL: Maureen Richardson, River Communications
+ 914-434-6033; mrichardson@riverinc.com