PSAV Announces Agreement to be Acquired by Goldman Sachs
Schaumburg, IL (PRWEB) November 20, 2013 -- 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 the 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 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.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information on Goldman Sachs, please visit http://www.gs.com.
About Kelso & Company
Kelso & Company is one of the oldest and most established firms specializing in private equity. Since 1980, Kelso has invested in 110 companies in a broad range of industry sectors with aggregate initial capitalization at closing of over $45 billion. Kelso is currently investing its eighth investment partnership, Kelso Investment Associates VIII, L.P., with $5.1 billion of committed capital. The firm’s Principals and employees are collectively the single largest investor in each of Kelso's four most recent funds. For more information, please visit http://www.kelso.com.
About PSAV®
PSAV provides legendary service and innovative technology to create memorable experiences for planners, producers and customers across the corporate, association and special event markets. Combining local expertise and the broadest array of event technology, PSAV offers more resources in more places than any other audiovisual partner. PSAV employs more than 4,500 full-time, highly trained professionals in nearly 1,200 destination resorts and hotels throughout the U.S., Canada, Mexico, Europe and Middle East. http://www.psav.com
Media Contacts:
PSAV
Andee Oleno
(480) 905-3445
aoleno(at)psav(dot)com
Goldman Sachs
Andrea Raphael
(212) 357-0025
andrea(dot)raphael(at)gs.com
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Andee Oleno, PSAV, http://www.psav.com, +1 480-905-3445, [email protected]
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