OFS Capital Corporation Realizes Gain on Sale of Equity Investment in Convene
CHICAGO--(BUSINESS WIRE)-- OFS Capital Corporation (NASDAQ:OFS) announced today that it has realized a $1.5 million, or $0.16 per share, gain on the sale of its equity investment in one of its portfolio companies, Convene, the nation’s fastest growing network of urban meeting centers and integrated workplace amenity services, as part of a recently completed growth equity financing round for the company. OFS Capital Corporation continues to support Convene as a lender.
The financing was completed in conjunction with Conversion Venture Capital, Boathouse Capital and Sunrise Capital as well as Convene management, and provides growth capital to the business while also providing liquidity to various stakeholders.
“We are excited to continue supporting Convene’s growth plans as the company expands its market-leading network of meeting spaces into new facilities and geographies,” said Bilal Rashid, Chief Executive Officer of OFS Capital Corporation. “This transaction provides the company with the capital it needs to meet its long-term growth objectives. In addition, it also provides OFS with a successful realization and capital gain on the equity portion of our investment while allowing us to continue to support the company through our debt investment.”
“OFS's capital infusion and operational guidance helped us achieve our business objectives. We welcome their continued involvement as we embark on the next chapter of the growth of our company,” said Ryan Simonetti, Chief Executive Officer of Convene.
About OFS Capital Corporation
OFS Capital is a business development company that provides debt and minority equity capital solutions to middle-market companies. OFS Capital's investment objective is to provide shareholders with both current income and capital appreciation primarily through debt investments and, to a lesser extent, equity investments. The firm offers flexible financing to business owners and proven management teams, helping them achieve targeted growth, liquidity and ownership transition goals. OFS Capital invests primarily in privately-held middle-market companies in the United States, targeting investments of $3 to $20 million in companies with annual EBITDA greater than $3 million.
OFS Capital is an externally managed, closed-end, non-diversified management investment company. OFS Capital's investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 1940 and has offices in Chicago, Los Angeles and New York.
About Convene
Convene (www.convene.com) develops, owns and operates the nation’s fastest growing network of executive meeting centers which combine technology, culinary, production and human-centered design into a transformative workplace experience. The company leverages its unique perspective and integrated hospitality expertise to offer landlords and commercial tenants new kinds of service and real estate solutions. Founded in 2009 and headquartered in New York, Convene was named by Forbes as one of America’s 100 Most Promising Companies in 2014 and by Inc. as one of America’s fastest growing companies.
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OFS Capital Corporation
MEDIA RELATIONS:
Bill Mendel, 212-397-1030
bill@mendelcommunications.com
or
INVESTOR RELATIONS:
Steve Altebrando, 646-783-8473
saltebrando@ofsmanagement.com
or
Convene
Feintuch Communications
Darby Fledderjohn, 212-808-4903
or
Rick Anderson, 718-986-1596
convene@feintuchpr.com
Source: OFS Capital Corporation