Olswang has advised leading private equity institution Graphite Capital on the sale of The Third Space, one of London's premier health and fitness club chains, to Encore Capital, which also owns the Reebok Sports Club, situated in Canary Wharf.

Olswang is a long-standing adviser to Graphite and worked on the management buy-out of The Third Space in 2007. Originally based in Soho, the high-end gym chain has 5,000 members on its books and opened its second branch in Marylebone in 2011.

Graphite Senior Partner, Mike Tilbury, said: "We have greatly appreciated the expertise and support of Fabrizio and his team throughout the entire transaction process. Their robust and pragmatic approach and understanding of the commercial challenges in the leisure sector is really strong."

Fabrizio Carpanini, Head of Olswang's corporate group added: "With over 30 years' experience, Graphite is a long established, highly sophisticated investor, whom we have advised on many transactions over the years. With this deal we have been able to provide Graphite with our combined private equity expertise and knowledge of the leisure sector in the UK."

Olswang's Leisure practice provides both domestic and international support to some of the world's leading and fastest growing leisure businesses and concepts, including one of the UK's most prestigious catering companies, Searcys, restaurant group D&D London as well as TuneHotels.com. The practice acts for key stakeholders across the whole leisure spectrum: owners, operators, investors, asset managers and financiers. Recent transactions include advising Calculus Capital on its investment in salad bar chain Chop'd and global entertainment company Endemol on its partnership with social casino gaming company Plumbee.

The Olswang team advising on this deal was led by Head of International Corporate Group, Fabrizio Carpanini, who was supported by Senior Associate Carsten Greve and associates Theo Godfrey and Poppy Weston-Davis.