KSL Investment Partners has taken a stake in luxury health and fitness chain Third Space to enable its expansion.
The investor refused to disclose terms of the deal, but has acquired a majority interest in the company from Encore Capital.
Third Space has ambitious plans to expand across London, and will later this year open a new gym at Number One Curzon Street, W1.
Colin Waggett, chief executive 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.”
He added: “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.”
Martin Edsinger, principal at KSL, said that Third Space’s mission and growth plan “align perfectly with KSL’s long history of investing in differentiated, experiential hospitality and wellness brands”, and that it was looking forward to helping Third Space grow in new and existing markets.
Third Space was launched in 2001 and operates a portfolio of six clubs in across London, including Canary Wharf, Tower Bridge, Soho, Marylebone, Tower Bridge, and Islington.
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