Hybrid meeting, event and workspace provider Convene has announced the completion of its recapitalisation plan, led by HBC, a fund managed by the Private Equity Group of Ares Management Corporation.
Convene will operate HBC’s existing portfolio of flexible work, event, restaurant and meeting spaces, which are expected to be rebranded as Convene and will remain branded as SaksWorks in the interim.
HBC will be the majority owner of the combined entity, with 26 facilities under management and dozens more under development, which is expected to become the largest premium flex space operator across the US, Canada and Europe.
“We built Convene with a mission of elevating the workday experience. This strategic investment by HBC and Ares provides instant scale and growth opportunities for our business,” said Ryan Simonetti, co-founder and CEO of Convene. “As organisations continue to embrace hybrid work and are demanding higher quality environments in which to gather, we are well-positioned to seize this moment.”
With the investment from HBC and Ares, Convene says its future expansion will focus on locations in key urban and suburban markets.
“Ryan and his management team have a 12-year track record of building world-class destinations for hosting events, meetings, and flexible workspace,” said Hamid Hashemi, COO, HBC Properties & Investments. “We are looking forward to implementing our shared vision across parts of HBC’s real estate portfolio, including the conversion of certain of its assets into Convene locations. With this transaction, Convene will expand its footprint into suburban markets, where people can work and meet closer to home.”
“We are proud to support Ryan and the Convene team in their continued growth as they further enable the future of work through innovative spaces and experiences,” said Craig Snyder, Partner and Co-Portfolio Manager of Special Opportunities in the Ares Private Equity Group. “We believe that this transaction will help accelerate Convene’s leadership position and we look forward to being a partner to them as they execute on future opportunities.”
