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Convene has completed a recapitalization led by HBC, owner of Hudson's Bay and Saks, and an Ares Management fund

Convene Recapitalizes with HBC and Ares Management Fund 

Meeting and workspace provider Convene has completed its recapitalization plan, led by HBC—owner of Hudson’s Bay and majority owner of Saks—and 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. 

“We built Convene with a mission of elevating the workday experience,” said Convene CEO Ryan Simonetti. “This strategic investment by HBC and Ares provides instant scale and growth opportunities for our business. As organizations continue to embrace hybrid work and are demanding higher quality environments in which to gather, we are well-positioned to seize this moment.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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