Combination of HBC’s existing and future
SaksWorks locations with Convene creates the largest premium flex
meeting, event and workplace business globally.
Convene, the leading hybrid meeting, event, and workspace
provider, announced today that it has completed its
recapitalization 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”) (NYSE: ARES), a leading global alternative investment
manager.
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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.
“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," said Ryan Simonetti, co-founder and CEO of Convene. "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."
Convene combines design, technology, and hospitality to deliver
elevated meeting and event spaces that enable business productivity
and collaboration. Convene Studio, a proprietary virtual and hybrid
events platform, can be added to any Convene or third-party
location venue to enable seamless, secure, hybrid, and virtual
meetings for up to 10,000 virtual attendees, including full
production services.
Convene’s signature award-winning hospitality delivers a human
touch in both the physical and virtual worlds. A team of dedicated
on-site professionals welcome each guest and offer in-house
assistance with everything from catering to IT/AV support, to
ensure workday experiences are effortless and personalized.
Alongside unlimited craft snacks, tea and barista coffee, Convene’s
Head Chefs develop seasonal menus to replenish creative energy in
every one of our locations.
With the investment from HBC and Ares, Convene’s future
expansion will focus on locations in key urban and suburban
markets. As businesses are reimagining their office footprint and
hybrid workforce strategies, commercial real estate landlords are
also re-thinking what is required to stay competitive in today's
dynamic marketplace. Sought-after amenities such as coworking
options, on-site culinary offerings, premium and elevated meeting
and event venues, and hybrid technology that were once thought of
as "nice to have" are now a "must have". Convene is well-poised to
bring this fully operationalized solution to a wide variety of
commercial real estate partners across the globe.
“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.”
About Convene
Convene is the leading provider of premium meeting and workday
experiences with a global network of venues and flexible office
locations. Combining design, technology, and hospitality to elevate
today’s modern work experience, Convene creates the spaces and
experiences that help teams succeed. With Studio, an all-in-one
solution for digitally-enabled events, and 23 locations across the
U.S. & London including meeting spaces and flexible workplaces,
Convene creates your best day at work, wherever it happens. The
company has been named one of America’s 100 Most Promising
Companies by Forbes and a Best Workplace by both Inc. and Fortune
Magazine.
About HBC
HBC is a holding company of investments and businesses at the
intersection of technology, retail operations, and real estate.
It is the majority owner of iconic e-commerce companies: Saks, a
leading online destination for luxury fashion; The Bay, a Canadian
e-commerce marketplace; and Saks OFF 5TH, a premier luxury
off-price e-commerce company offering top brands at the best
prices. These businesses were established as separate operating
companies in 2021. HBC also wholly owns Hudson’s Bay, the operating
company for Hudson’s Bay’s brick-and-mortar stores, as well as SFA,
the entity that operates Saks Fifth Avenue’s physical locations,
and O5, the operating company for Saks OFF 5TH stores.
With assets spanning top markets and prime locations across
North America, HBC owns or controls—either entirely or with joint
venture partners—approximately 40 million square feet of gross
leasable area. HBC Properties and Investments, the company’s real
estate and investments portfolio business manages these assets
along with additional real estate offerings, including Streetworks
Development, its property development division.
Founded in 1670, HBC is North America’s longest continually
operating company and is headquartered in New York and Toronto. For
more information visit: www.hbc.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global
alternative investment manager offering clients complementary
primary and secondary investment solutions across the credit,
private equity, real estate and infrastructure asset classes. We
seek to provide flexible capital to support businesses and create
value for our stakeholders and within our communities. By
collaborating across our investment groups, we aim to generate
consistent and attractive investment returns throughout market
cycles. As of December 31, 2021, Ares Management Corporation's
global platform had approximately 2,100 employees operating across
North America, Europe, Asia Pacific and the Middle East and
approximately $314 billion of assets under management, as adjusted
for Ares Management’s acquisition of AMP Capital’s Infrastructure
Debt platform which closed February 10, 2022. For more information,
please visit www.aresmgmt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220412005446/en/
HBC Trenesa Danuser press@hbc.com
Convene Anna Feiner Convene@dkcnews.com
Ares Management Corporation Brittany Cash media@aresmgmt.com
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