Convene, the US-based provider of hybrid meetings, events, and workspaces, has announced the completion of its recapitalization plan, with holding company HBC taking a majority stake.
A fund managed by the Private Equity Group of Ares Management Corporation has also taken a share in the business, that aims to capitalize on shifting work habits, including virtual meeting.
Convene Studio, the firm’s virtual and hybrid events platform, can be added to any Convene or third-party location venue for up to 10,000 virtual attendees, including full production services.
Ryan Simonetti, co-founder and CEO of Convene, said: “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. We are excited to partner with HBC who is equally focused on delivering premium and flexible experiences to enable today’s distributed workforce.”
With the investment from HBC and Ares, Convene’s expansion will focus on locations in key urban and suburban markets across US, Canada, and Europe.
Hamid Hashemi, COO, HBC Properties & Investments, said: “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.”
Written By
James Lancaster
AMI editor James
Lancaster is a familiar face in the meetings industry and international
association community. Since joining AMI in 2010, he has gained a reputation
for asking difficult questions and getting lost in convention centres. Proofer, podcaster, and panellist - in his spare time, James likes to walk,
read, listen to music, and drink beer.
