New State Capital Partners Acquires Vast Coworking Group and Its Global Network of Coworking Spaces
U.S. private equity firm New State Capital Partners has acquired Vast Coworking Group, the global franchisor of coworking brands, in a carve-out transaction from United Franchise Group. Financial terms of the deal were not disclosed.
Vast Coworking Group operates a network of more than 200 locations worldwide, representing over 250,000 sq m of workspace and serving around 70,000 members. The platform brings together three flexible workspace brands — Venture X, Office Evolution and Intelligent Office — developed through a franchise model combining local ownership with centralized operational support and brand standards.
Venture X represents the group’s most internationally distributed brand, with more than 70 locations across the United States, Canada, the United Arab Emirates, India and several European markets. The other brands, Office Evolution and Intelligent Office, mainly operate in North America and focus on flexible offices and business support services for small and medium-sized businesses.
In 2025, Vast Coworking Group announced further international expansion across all three brands. Office Evolution opened its first international franchise location in Toronto and signed master license agreements for development in Germany, Portugal and South Africa, while Venture X and Intelligent Office also continued expanding through additional franchise agreements in South Africa.
In Europe, Vast currently operates in Spain, Portugal and the United Kingdom, primarily through the Venture X brand and local franchise partners.
The company was founded by Jason Anderson, who will continue as chief executive following the transaction.
Beyond the immediate ownership change, the acquisition seems to be highlighting the existence of an interest from private equity investors in the flexible workspace sector. On paper, Coworking and flexible offices offer recurring revenue streams, scalable networks and asset-light franchise models, characteristics that can fit well with private equity investment strategies.
In a statement accompanying the announcement, Daniel Han, Senior Principal at New State Capital Partners, said the firm sees “compelling long-term growth trends in the coworking market, with significant opportunity for continued expansion.” Anderson added that the new investor brings both capital and operational experience to support the company’s next phase of development.
Vast has also been involved in broader industry initiatives. In 2024, the company participated in the WeWork Coworking Partner Network, enabling WeWork members to access locations operated by Venture X, Office Evolution and Intelligent Office.
Vast Coworking Group is headquartered in West Palm Beach, Florida.
Pic Source: venturex.com
