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Goldman Sachs to Purchase PSAV
PSAV, a leading event technology and audiovisual company, announced today that it has entered into a definitive agreement to be acquired by affiliates of Goldman Sachs from its current private equity owner, Kelso & Company.
Since 1937, PSAV has set a high standard for event technology services within the hotel, resort and conference center industry. With technical meeting needs now including high-definition imaging, computer interfaces, rigging, power distribution, component video, special effects, concert sound and lighting, HSIA, virtual events and traditional equipment, PSAV offers expertise for everything from intimate gatherings to large conventions.
“This is truly an exciting time for our organization,” stated Mike McIlwain, president & CEO of PSAV. “This investment by Goldman Sachs is a vote of confidence in our team members and our commitment to the meetings and event industry. Through this partnership, our customers can expect accelerated access to inspirational event technology, expertise and support.”
“We are proud of PSAV’s accomplishments over the past six years and believe the company is well positioned for the future,” said Steve Dutton, vice president, Kelso & Company. “We wish the PSAV team continued success.”
“We look forward to working with PSAV to help them provide more services to more customers in more places,” said Brad Gross, managing director of Goldman Sachs. “PSAV already offers customers a unique resource in terms of their geographic coverage and range of services, and we are excited to partner with them as we plan for future expansion.”
Barclays and Macquarie Capital are serving as financial advisors to PSAV and Debevoise & Plimpton LLP is serving as legal counsel to PSAV. Affiliates of Macquarie Capital currently have a preferred equity investment in PSAV.
Goldman Sachs Investment Banking is serving as financial advisor to Goldman Sachs and Weil, Gotshal & Manges LLP is serving as legal counsel to Goldman Sachs.
PSAV provides high-level service and innovative technology for planners, producers and customers across the corporate, association and special event markets. PSAV employs more than 4,500 full-time professionals in nearly 1,200 destination resorts and hotels throughout the U.S., Canada, Mexico, Europe and Middle East.