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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.”
- ◦Financing
