“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.”
Kelso is one of the oldest and most established firms specializing in private equity investing. Since 1980, Kelso has made investments in over 115 companies in a broad range of industry sectors. The firm is currently investing its eighth investment partnership, Kelso Investment Associates VIII, L.P., with $5.1 billion of committed capital. The firm is based in New York, NY (www.kelso.com).
Barclays and Macquarie Capital served as advisors to Kelso, and are arranging financing for the transaction.
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. The company is based in St. Louis (www.swankav.com).
“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.”
PSAV Presentation Services is a provider of audiovisual equipment and services to the meeting and event industries. The company is based in Schaumburg, IL (www.psav.com).
“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.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-11-12