“We are thrilled to complete our acquisition by Olympus Partners and Goldman Sachs,” said Mike McIlwain, President & CEO of PSAV. “We are eager to work with them to continue providing exceptional service and value to more customers in more geographies.”
PSAV is an event technology and audiovisual company that serves planners, producers and customers in the corporate, association and special event markets. Services include computer interfaces, high-definition imaging, rigging, power distribution, component video, special effects, concert sound and lighting, high speed internet access, virtual meetings, and equipment supply. PSAV employs more than 4,750 full-time professionals in 1,300 resorts and hotels throughout the United States, Canada, Mexico, Europe and the Middle East. The company was founded in 1937 when Mr. P. Ray Swank and his wife, Lucille Swank, founded Swank Audio Visuals, a subsidiary of PSAV. The company began in St. Louis as a “portable projection service,” predating technology such as color television, FM radio, 8-tracks and audio tape. PSAV is today headquartered in Long Beach, CA (www.psav.com).
“We are excited to partner with Goldman Sachs to invest in PSAV, a market leader with an unmatched range of event technology and services and a blue chip customer base of hotel clients,” said Manu Bettegowda, Partner at Olympus Partners. “We look forward to working with PSAV’s talented management team to continue to drive the company’s growth.”
Olympus Partners, with $5 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include business services, restaurants, consumer products, healthcare services, and financial services. The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com). The investment in PSAV is Olympus’ first investment out of its$2.3 billion sixth fund.
The Goldman Sachs Group is a global investment banking, securities and investment management firm. Goldman Sachs is headquartered in New York (www.gs.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-27-14