PSAV, an event production company with branches across the U.S. and beyond, has entered into a definitive agreement to be acquired by private equity and real estate funds affiliated with Blackstone from affiliates of Goldman Sachs and Olympus Partners. Terms of the transaction were not disclosed.
PSAV has provided production, advanced technology and staging services for events since 1937. And it’s likely that most meeting and event planners have negotiated an AV contract or two with the company.
“We are very excited to partner with Blackstone, one of the world’s preeminent investors in the hotel, tradeshow, travel and leisure, and business services sectors, to support the next phase of PSAV’s growth,” stated Mike McIlwain, president and CEO of PSAV.
“Through this partnership, we and Blackstone intend to drive further innovation and growth alongside our world-class roster of venue partners and meeting planner customers,” he added. “We are very appreciative of the successful partnership we have had with Goldman Sachs and Olympus Partners.”
Peter Wallace and David Kestnbaum of Blackstone’s Private Equity team commented, “We are thrilled about the future of PSAV’s partnership with Blackstone. We look forward to working with the company’s world-class management team to provide [a] broad array of value-added support and expertise.”
Goldman Sachs and Morgan Stanley are serving as financial advisors to PSAV, and Weil, Gotshal & Manges LLP is serving as legal counsel to PSAV. JP Morgan served as an advisor to management.
Simpson Thacher & Bartlett LLP is serving as legal counsel to Blackstone. AGM Partners, Barclays, Credit Suisse, and Moelis & Company are serving as financial advisors to Blackstone.
PSAV is headquartered in Schiller Park, Illinois, and its team consists of more than 9,000 professionals across 1,500 on-site venue locations and 49 branch offices within the United States, Canada, Mexico, Europe, the Caribbean and the Middle East. Blackstone investment firm is based in New York City with offices across the U.S. as well as in Canada, Mexico, Asia, Australia, Europe and the Middle East.