Boxwood Partners Advises United Franchise Group on Sale of Vast Coworking Group to New State Capital Partners

Leading Franchise M&A Advisor Supports Strategic Transaction for Global Coworking Platform

JUPITER, Fla., March 9, 2026 /PRNewswire/ -- Boxwood Partners, a leading boutique investment bank specializing in founder- and family-led businesses, today announced its role as the exclusive financial advisor to United Franchise Group (UFG) on the sale of Vast Coworking Group, a global coworking platform and franchisor, to New State Capital Partners, a middle-market private equity firm focused on partnering with high-quality founder-led businesses.

Headquartered in West Palm Beach, Florida, Vast Coworking Group operates one of the world's largest networks of franchised coworking and flexible office brands. Through well-known brands including Venture X, Office Evolution, and Intelligent Office, the platform provides professional workspace solutions to entrepreneurs, small businesses, and enterprise clients across North America and internationally. The company's asset-light franchise model and strong brand portfolio have enabled significant growth as businesses increasingly adopt flexible workplace solutions.

"Working with the Boxwood team was a fantastic experience from start to finish," said Ray Titus, CEO of United Franchise Group. "Their deep understanding of franchise systems and founder-led businesses, combined with a disciplined process and strong relationships in the private equity community, helped us achieve a great outcome for Vast and position the business for continued success."

The Boxwood Partners deal team included Robbie Nickle (Managing Director), Brian Alas (Managing Director), Colby Carter (Vice President), and Nick Logue (Associate).

Chase Stuart, Ben Goodman, and John Zachariah of Ice Miller served as legal counsel to Vast Coworking Group.

"We were honored to advise United Franchise Group and the Vast leadership team on this transaction," said Robbie Nickle, Managing Director at Boxwood Partners. "Vast has built a differentiated platform in the flexible workspace sector with a highly scalable franchise model, and we believe New State is an excellent partner to support the company's next phase of growth."

New State Capital Partners' investment will support Vast Coworking Group's continued expansion of its franchise network, further development of its platform of workspace brands, and strategic initiatives aimed at capitalizing on long-term growth in the flexible office and hybrid work markets.

"We are excited to partner with New State Capital Partners as we enter this next chapter," said Jason Anderson, President of Vast Coworking Group. "New State brings significant experience supporting founder-led platforms and will be a tremendous partner as we continue expanding our brands, supporting our franchisees, and capitalizing on the growing demand for flexible workspace solutions."

Boxwood acted as the exclusive financial advisor to United Franchise Group in connection with the transaction.

Boxwood continues to strengthen its role as a trusted advisor to founder-led and franchise businesses, having advised on numerous transactions across franchising, business services, and multi-location consumer platforms. To learn more, please visit www.boxwoodpartners.com.

About Boxwood Partners

Boxwood Partners, LLC is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia and Charleston, South Carolina. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm's extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm's clients receive the attention, service, and results they deserve. For more information about Boxwood Partners, please visit www.boxwoodpartners.com.

About Vast Coworking Group

Vast Coworking Group is a global coworking platform and franchisor supporting a portfolio of flexible workspace brands including Venture X, Office Evolution, and Intelligent Office. Through its network of franchise operators, Vast provides premium coworking, private office, and meeting space solutions to entrepreneurs, remote workers, and growing businesses across North America and internationally.

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.

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.

SOURCE Boxwood Partners LLC