With PSAV and Swank as one combined entity, hoteliers will benefit from a single source of audiovisual and technology support for every size hotel and event around the world.
Long Beach, Calif. (PRWEB) October 10, 2012
Kelso & Company, a private equity firm located in New York, has signed a definitive agreement to acquire Swank Audio Visuals®, LLC.
Swank Audio Visuals provides audiovisual and event technology services within the hotel, resort, meetings and conference center industries. The majority of Swank’s services are provided via relationships whereby the company acts as the preferred outsource service provider to more than 375 hotels and resorts throughout the United States, Canada and the Middle East. Swank also provides its services by offering a destination events department that operates at multiple venues and locations.
Kelso is also the owner of PSAV® Presentation Services, the leading provider of audiovisual equipment and services to the meeting and event industries. Kelso plans to merge Swank and PSAV to create the industry’s single leading source of audiovisual and event technology support.
“PSAV and Swank are industry leaders with impressive histories of growth, innovation, and best-in-class customer service,” said Steve Dutton, Vice President at Kelso. “With PSAV and Swank as one combined entity, hoteliers will benefit from a single source of audiovisual and technology support for every size hotel and event around the world.”
“Swank is very excited about this partnership and the wealth of benefits it will provide our team members, hotel partners and customers, as well as the event technology industry as a whole,” said Greg Diekemper, President and CEO of Swank Audio Visuals. “We feel this merger will provide our hotel partners and customers with greater access to innovative new technology, as well as a deeper pool of highly trained, experienced personnel to operate it.”
“The entire team at PSAV is thrilled about Kelso’s purchase of Swank Audio Visuals and the impending merger of the two companies,” said Mike McIlwain, President and CEO of PSAV. “This opportunity provides a multitude of advantages for the industry. Combining our companies’ strengths will give meeting planners and producers unparalleled access to advanced audiovisual and event technology support throughout the United States and the world."
Barclays and Macquarie Capital served as advisors to Kelso, and are arranging financing for the transaction.