August 24, 2021
Consumer, Retail, E-commerce and Leisure
GCA Altium advises Third Space on its sale to KSL Capital Partners
GCA Altium has advised luxury health club operator Third Space on the sale of a majority interest by Encore Capital to KSL Capital Partners.
Launched in 2001, Third Space is a leading luxury health club brand, currently operating 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 in the heart of Mayfair at Number One Curzon St which is set to open in late 2021. 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”.
KSL traces its roots back to 1992. Since the formation of KSL Capital Partners in 2005, KSL has raised over USD 13 billion of capital and invested in over 80 businesses to date across the globe. KSL has been one of the most active investors in the global wellness and leisure sector, with a roster of premium brands in its portfolio, including Espa, the Four Seasons in Santa Fe, the JW Marriott Essex House, The James Hotels and the St. Regis Aspen.
Colin Waggett, CEO of Third Space, said: “The team at GCA Altium were a pleasure to work with, from the moment we first considered raising funds in 2019 through to the conclusion of the transaction in 2021. At every step we received the advice and expertise that we needed, and we have ended up with a great partner for the future!”
Shirin Gandhi, Partner at Encore Capital, also commented, saying: “We were very impressed with the team at GCA Altium and 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.”
Sam Fuller, Managing Director at GCA Altium, added: “We are delighted to have supported the shareholders of Third Space in this transaction. Encore have done a great job in building the business and have backed an exceptional team at Third Space. We wish them every success with KSL and look forward to watching the business continue to expand in the coming years.”
The financial terms of the transaction were not disclosed.