![]() KSL's deep knowledge of the global spa and wellness, resort and hotel markets means we're likely to see Third Space heading into this territory at some point. KSL has been one of the most active investors in the global wellness and leisure sector, with a roster of premium brands passing through its portfolio, from Espa to several Aman resorts and from Whistler Blackcomb to the Salamander Resort and Spa. We look forward to helping Third Space grow in new and existing markets." "We're privileged to partner with an exceptional management team with such a strong operational foundation, as well as Encore Capital’s unique London knowledge. Martin Edsinger, Principal at KSL, said: “Third Space’s mission and growth plan align perfectly with KSL's long history of investing in differentiated, experiential hospitality and wellness brands that are committed to people and community impact. "We have a committed investor in Encore and with the addition of KSL, we are uniquely placed to capitalise on these opportunities.” "Our brand has never been in more demand from landlords looking to differentiate their developments, and we're excited at the prospect of taking Third Space to more parts of London. "Our clubs provide exactly the sort of environment in which people feel both safe and inspired. "We're recovering swiftly from the pandemic, with members prioritising their fitness more than ever. In addition to new clubs, the company plans to continue to develop its brand outside of the traditional club environment, both digitally and "in new settings".Ĭolin Waggett, CEO of Third Space, said, “KSL’s reputation and experience as a global investor in leisure, combined with Encore’s deep understanding of the London market, makes for an exciting new chapter for Third Space, with significant opportunities. The move comes as the operator has secured a substantial pipeline of new sites and plans to expand its estate across London.Ĭonfirmed new openings include a seventh site, set to open in late 2021, at the heart of Mayfair at Number One Curzon St. Launched in 2001, Third Space currently operates a portfolio of six clubs. The financial terms of the transaction were not disclosed, but Encore Capital will remain a significant investor in Third Space. The review is in response to Encore's decision to move the parent entity of the Cabot group under Encore as part of a new global funding structure.KSL Capital Partners has acquired a majority interest in luxury health club operator Third Space from Encore Capital, who originally invested in the company in 2010. ![]() In addition, Moody's placed the B1 ratings of the senior secured notes issued by Encore's operating subsidiaries, Cabot Financial (Luxembourg) SA and Cabot Financial (Luxembourg) II Ltd., on review for upgrade. The stable outlook is based on the rating agency's expectations that Encore's financial performance in the next 12 to 18 months will remain similar to its historical performance. Encore Capital Group is a global specialty finance company with operations and investments across North America, Europe, Asia and Latin America. (NASDAQ: ECPG), an international specialty finance company, today announced that John Yung has been appointed President of International and Cabot Credit Management, effective May 8, 2023. However, it also warned of potential weakening in the firm's profitability and higher volatility in earnings due to COVID-19, along with increased regulatory risk, which is inherent to the debt collection business in the U.S. SAN DIEGO, Ma(GLOBE NEWSWIRE) - Encore Capital Group, Inc. with a stable outlook.Īccording to Moody's, the rating reflects the company's "solid" profitability and interest coverage and "moderate" debt to EBITDA leverage. Moody's assigned a Ba2 corporate family rating to Encore Capital Group Inc.
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