New State Capital Partners announced it has acquired Vast Coworking Group, one of the largest coworking platforms in the world, in a carve-out transaction from United Franchise Group. Financial terms of the deal were not disclosed.
Headquartered in West Palm Beach, Florida, Vast Coworking Group operates a large global network of flexible workspaces and franchise locations. The company runs three major brands in the coworking sector: Venture X, Office Evolution, and Intelligent Office. Through this portfolio, Vast supports a range of businesses seeking professional workspace solutions, combining locally owned franchises with centralized operational support and brand infrastructure.
The company was co-founded by CEO Jason Anderson and currently operates more than 200 locations across the United States and internationally. Its network spans approximately 2.7 million square feet and serves around 70,000 members.
New State Capital Partners described the acquisition as its second platform investment from Fund IV and its third corporate carve-out completed over the past 18 months. The firm indicated that the deal reflects its strategy of partnering with founder-led and privately held businesses to scale operations and build larger platform companies.
Following the acquisition, Vast will continue to operate under the leadership of Anderson. The company plans to focus on expanding its franchise network, strengthening franchisee support systems, and enhancing the overall member experience across its coworking brands.
New State Capital Partners said it sees significant long-term growth potential in the flexible workspace market and believes Vast’s franchise-driven model positions it well for continued expansion.
Support: Morgan, Lewis & Bockius LLP served as legal advisor to New State Capital Partners on the transaction. 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 CEO of Vast Coworking Group
