Encore picks up Third Space from Graphite

The clubs will join Encore's current health club investment, the Reebok Sports Club in Canary Wharf, as the GP looks to create a London-centric luxury health club group.

Speaking to unquote" about the deal, Encore partner Shirin Gandhi explained the GP had approached Graphite regarding an acquisition of The Third Space, as part of Reebok Sports Club's expansion strategy.

According to Graphite, Encore was a natural buyer of the business. 

Encore is currently in discussions with a number of other owners, landlords and developers across London as it looks to continue building up its luxury healthcare offering, with potential further deals coming in the foreseeable future.

Previous funding
Graphite first backed The Third Space in August 2007, supporting its £22m buyout. In April 2010, the buyout house supported the company's £2m expansion, aiding the creation of a new site in Marylebone.

Company
The Third Space comprises two health and fitness clubs, offering best in class facilities, based in Soho and Marylebone in London. The clubs have 5,000 members.

The Third Space opened its first club in 2001, a 3,700 square metre facility in Soho. The site offers a state of the art gym, a medical centre, a yoga and Pilates studio as well as a hypoxic chamber. The Marylebone site was opened in 2011.

People
Shirin Gandhi is partner at Encore.

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• Topics
• UK / Ireland
• Buyouts
• Graphite Capital
• Encore Capital