New Rochelle, New York – March 3, 2026 – New State Capital Partners (“New State”) announced today that it has acquired Vast Coworking Group™ (“Vast” or “the Company”), one of the largest coworking platforms in the world, as a carve-out from United Franchise Group™. Terms of the transaction were not disclosed.
Co-founded by Jason Anderson, who will continue to serve as CEO, Vast has built a network of more than 200 locations in the U.S. and internationally, spanning approximately 2.7 million square feet and serving roughly 70,000 members. Through its three brands, Venture X®, Office Evolution®, and Intelligent Office®, the Company serves multiple segments of the flexible workspace market, leveraging a franchise model that combines local ownership with centralized operational support and brand infrastructure.
“We see compelling long-term growth trends in the coworking market, with significant opportunity for continued expansion,” said Daniel Han, Senior Principal at New State. “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.”
“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,” said Mr. Anderson. “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.”
Vast is New State’s second platform investment in Fund IV and the firm’s third corporate carve-out in the past 18 months. The transaction showcases New State’s experience executing corporate carve-outs and partnering with founder-owned and privately held businesses to build professionalized, scaled platforms.
New State was advised by Morgan, Lewis & Bockius LLP. United Franchise Group was advised by Ice Miller LLP and Boxwood Partners.
About Vast Coworking Group
Headquartered in West Palm Beach, FL, Vast Coworking Group™ is comprised of Venture X®, Office Evolution®, and Intelligent Office® and specializes in franchising within the coworking industry, offering solutions, expertise, and shared service options within the flexible workspace franchise community. It is the world’s largest privately-owned franchisor of coworking spaces and the third-largest network globally. Vast Coworking Group was co-founded by CEO Jason Anderson with the intention of building a framework to connect a variety of coworking brands, services, and amenities within the coworking industry, providing one of the largest franchise networks of flexible, professional, and shared office space options in the world. For more information, visit www.vastcoworking.com.
About New State Capital Partners
New State Capital Partners is an entrepreneurial-minded firm that strives to be nimble, decisive, and collaborative. The firm partners with company founders and independent sponsors to create flexible capital solutions and lasting relationships. New State has completed more than 50 investments to date. For more information, visit www.newstatecp.com.
About United Franchise Group
Led by Chairman and CEO Ray Titus, United Franchise Group™ (UFG) is a globally recognized leader in franchising, home to an award-winning family of brands and franchise consulting services. With over 1,800 franchises across more than 80 countries, UFG empowers entrepreneurs through proven franchise systems, multi-unit growth opportunities, and industry-leading support. With almost 40 years of franchising experience, UFG and its expert consultants have helped develop over 350 successful franchise brands, supporting thousands of franchisees worldwide. For more information, visit www.unitedfranchisegroup.com.
