New State Capital Partners has acquired Vast Coworking Group, one of the largest coworking platforms in the world, as a carve-out from United Franchise Group. Financial terms of the transaction were not disclosed.
Headquartered in West Palm Beach, Florida, Vast Coworking Group operates a network of more than 200 locations across the U.S. and internationally, spanning approximately 2.7 million square feet and serving roughly 70,000 members. The company operates through three brands, Venture X, Office Evolution, and Intelligent Office, and uses a franchise model that combines local ownership with centralized operational support and brand infrastructure.
Co-founded by Jason Anderson, who will continue as CEO, Vast has positioned itself as the world’s largest privately owned franchisor of coworking spaces and the third-largest network globally. The acquisition marks New State’s second platform investment from Fund IV and its third corporate carve-out in the past 18 months.
New State said it sees strong long-term growth trends in the coworking market and plans to focus on accelerating strategic unit growth, enhancing franchisee support, and strengthening the overall member experience. The firm has completed more than 50 investments to date and partners with company founders and independent sponsors to build scaled platforms.
The transaction highlights New State’s experience executing corporate carve-outs and working with founder-owned and privately held businesses.
Support: New State was advised by Morgan, Lewis & Bockius LLP, while United Franchise Group was advised by Ice Miller LLP and Boxwood Partners.
KEY QUOTES:
“We see compelling long-term growth trends in the coworking market, with significant opportunity for continued expansion. Through Jason Anderson’s thoughtful leadership, Vast has developed a highly differentiated and successful franchise network in this sector. Together, we see a clear path to drive value by accelerating strategic unit growth, enhancing franchisee support, and strengthening the member experience.”
Daniel Han, Senior Principal at New State Capital Partners
“New State isn’t just bringing capital – they’re bringing experience, perspective, and a real commitment to helping us grow. They understand what makes our franchise network special: the entrepreneurial spirit, the local ownership mindset, and the culture we’ve built together. This partnership allows Vast to step forward as a focused, independent coworking platform with the support and resources to expand our footprint, strengthen our franchise system, and continue building long-term value for everyone in our Vast family.”
Jason Anderson, Co-Founder and Chief Executive Officer of Vast Coworking Group
