Convene, a hybrid meeting, event, and workspace provider, has completed its recapitalisation plan, led by HBC, a holding company at the intersection of real estate, technology and retail, and a fund managed by the Private Equity Group of Ares Management Corporation (Ares), a global alternative investment manager.
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 be the largest premium flex space operator across the US, Canada and Europe.
With the investment from HBC and Ares, Convene’s future expansion will focus on locations in key urban and suburban markets.
Read more: Private Equity Wire
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