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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

KSL deal means Third Space can be bold in its strategy and ambitions Waggett tells HCM

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.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
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News

KSL deal means Third Space can be bold in its strategy and ambitions Waggett tells HCM

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.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Related news

KSL acquires majority stake in Third Space ahead of 'substantial expansion'

06 Aug 2021
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HCM People

Colin Waggett

CEO, Third Space
We first started talking to KSL over two years ago, so this was not a rushed partnership
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Fuel the debate about issues and opportunities across the industry. We’d love to hear from you – [email protected]
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Featured supplier news: EMS personal training: shockingly simple
People's fitness goals are extremely diverse – ranging from an elite athlete focused on the next goal to someone who dislikes all activity due to chronic back pain.
Featured supplier news
Featured supplier news: Will your business last without digital transformation?
During the pandemic, a digital transformation took off faster than anyone could have predicted with meetings in person cancelled and millions working from home.
Featured operator news
Featured operator news: Being active helps Parkwood Leisure customers save the NHS £16m
Parkwood Leisure, one of the UK’s leading public leisure facilities operators, helped prevent more than 7,000 cases of stroke, dementia, depression and type 2 diabetes in 2019, saving the NHS £16 million, a new social value report has shown.
Featured operator news
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Everyone Active has signed a number of new deals which will see the operator strengthen its digital product offering, Everyone on Demand.
Company profiles
Company profile: Myzone
Myzone is an innovative heart rate monitor and community engagement tool to track physical activity ...
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Company profile: Venueserve Fitness
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Catalogue Gallery
Click on a catalogue to view it online
Directory
Management software
Premier Software Solutions: Management software
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Fitness equipment
Octane Fitness: Fitness equipment
Spa software
SpaBooker: Spa software
Salt therapy products
Himalayan Source: Salt therapy products
Wearable technology solutions
MyZone: Wearable technology solutions
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Servicesport UK Limited: Independent service & maintenance
Lockers/interior design
Fitlockers: Lockers/interior design
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Total Vibration Solutions / TVS Sports Surfaces: Flooring
Skincare
Sothys: Skincare
Property & Tenders
Welwyn Garden City
Welwyn Hatfield Borough Council
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Newport, Shropshire
Lilleshall Sports Academy
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Diary dates
18-19 Sep 2021
Locations worldwide,
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
Diary dates
13-14 Oct 2021
Online,
Diary dates
01-03 Feb 2022
Coventry Building Society Arena, Coventry, United Kingdom
Diary dates
07-10 Apr 2022
Exhibition Centre , Cologne, Germany
Diary dates
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ExCeL London, London, United Kingdom
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Diary dates
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