Private equity firm New State Capital Partners has acquired Vast Coworking Group, one of the world’s largest coworking franchise platforms, in a corporate carve-out from United Franchise Group.
Vast, co-founded by CEO Jason Anderson, operates a network of more than 200 locations in the U.S. and internationally through its three brands: Venture X, Office Evolution, and Intelligent Office. The platform spans approximately 2.7 million square feet and serves roughly 70,000 members. Anderson will continue to lead the company as CEO under the new ownership structure.
The acquisition positions Vast as a standalone, independently backed coworking platform. New State plans to accelerate unit growth, enhance franchisee support, and strengthen the member experience across the network.
“New State isn’t just bringing capital — they’re bringing experience, perspective, and a real commitment to helping us grow,” Anderson said. He added that the partnership will allow Vast to expand its footprint and continue building long-term value across its franchise system.
Daniel Han, Senior Principal at New State, pointed to long-term growth trends in the coworking market as a key driver behind the deal. He noted that Vast has built a highly differentiated franchise network under Anderson’s leadership.
The transaction is New State’s second platform investment from its Fund IV and the firm’s third corporate carve-out in the past 18 months. Morgan, Lewis & Bockius LLP advised New State, while United Franchise Group was represented by Ice Miller LLP and Boxwood Partners.
The deal comes as demand for flexible workspace continues to accelerate. Fortune 500 companies and federal agencies are trimming traditional office footprints, redistributing employees across flex and coworking networks. Flexible workspace currently accounts for only about 2% of total U.S. office supply, suggesting significant runway for continued expansion.
Headquartered in West Palm Beach, Fla., Vast describes itself as the world’s largest privately owned franchisor of coworking spaces and the third-largest coworking network globally.
