Thu, 02 Feb 2023 | BUSINESS SALE
Etc Venues, a UK-based provider of conferencing and events spaces, has been acquired by US meetings, events and flexible working space group Convene in a deal valued at around £200 million. The acquisition comes amid an influx of US buyers into the UK M&A market.
The deal is motivated by Convene’s desire to tap into the ongoing shift towards remote and flexible working models. The group believes that this trend will continue to disrupt the market for city centre offices, pushing employers to reduce real estate costs for offices that are no longer full on a daily basis and seek smaller convenient central meeting areas.
Etc was founded in 1992 and operates a portfolio of 16 locations (13 in the UK and three in New York City) covering around 450,000 sq ft in total. The acquisition brings Convene’s total portfolio of events and flexible office spaces in the UK and US to 38, making it the single largest provider across those areas.
In the year to December 31 2021, Etc Venues reported turnover of £19.9 million (down from £20.7 million a year earlier) and total losses of £11.7 million (up from losses of £14 million in 2020), which the company attributed to COVID-19's ongoing impact on demand for meeting, conferencing and office spaces.
The pandemic caused the business to diversify into areas including hybrid events, workspace and NHS vaccination centres and the board said the business was “well placed for recovery in 2022”. At the time, the firm’s net assets were valued at close to £22.6 million
Commenting on the deal, Convene co-founder and CEO Ryan Simonetti said: "The London and New York City markets continue to rebound at a tremendous pace post-COVID with demand for outsourced premium meeting and event solutions accelerating from clients and landlords alike.”
"The talented team at etc.venues, led by Alastair Stewart and Nick Hoare, managing director, has built an incredible business across the UK and New York for over 30 years; the acquisition of an organisation with such an unwavering commitment to delivering high-quality meeting and event experiences allows Convene to expand our ability to serve our clients in more places and exciting new ways."
Simonetti added: "The workplace of the future is a meeting space. While individual work can be done anywhere, Convene provides purpose-built meeting and social event spaces with the tools and amenities aimed at inspiring collaboration that are needed for high-impact, team-based work.”
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