The deal which saw KSL Capital Partners acquire a majority interest in Third Space was "two years in the making"
Colin Waggett said the move was "not a rushed partnership"
Waggett was speaking exclusively to HCM
Third Space plans for "substantial expansion" following the deal
Colin Waggett has revealed that the recent deal, which saw KSL Capital Partners acquire a majority interest in luxury health club operator Third Space, had been in planning for two years.
Speaking exclusively to HCM in the current (8/2021) issue of the magazine,
Waggett said the deal was not done in a hurry and is a strategic move which will result in 'substantial expansion'.
"We first started talking to KSL over two years ago, so this was not a rushed partnership," Waggett said.
"KSL has a vision statement which is 'to invest in the unforgettable to create the enduring'. I really like that. They’re a leisure-only investor and work primarily in the luxury segment.
"They really understand that customer experience is at the heart of businesses like ours.
"In short, they have relevant expertise, their values align with ours and they believe in what we’re doing.
"It’s also great that our long-term backer, Encore Capital, has remained invested. This reflects their confidence and belief in what we do.
"The deal gives us a partner with deep leisure experience and funding. Taken together this means we can be bold in our strategy and our ambition."
Launched in 2001, Third Space currently operates a portfolio of six clubs.
Confirmed new openings include a seventh site, set to open in late 2021, at the heart of Mayfair at Number One Curzon St.
• To read the full article and to learn more about Third Space's plans, click here for the 8/2021 issue of HCM