New State Capital Partners has acquired Vast Coworking Group, a West Palm Beach-based coworking platform with over 200 U.S. locations, in a carve-out deal from United Franchise Group. The transaction, advised by Morgan, Lewis & Bockius LLP, marks New State’s third corporate carve-out in 18 months.

Vast co-founder Jason Anderson will remain CEO, overseeing expansion amid rising demand for flexible workspaces. "We see compelling long-term growth trends in the coworking market," said Daniel Han, New State’s senior principal, highlighting strategic plans to enhance franchisee support and member experiences. The move underscores New State’s focus on scaling niche business models through targeted investments.