Olympus Partners and Goldman Sachs have worked together to purchase PSAV. Financial details of the deal were not disclosed.
A private equity firm, Olympus Partners invests actively in a wide range of industries like restaurants, consumer products, healthcare services, financial services and business services. It is a long-term investor focused on giving equity capital for middle market management buyouts as well as for those firms that need money to grow. It manages more than $5 billion for corporate pension funds, endowment funds and retirement programs sponsored by the state. A statement about the acquisition revealed that the acquisition of PSAV marked the first investment of Olympus from its sixth fund worth $2.3 billion.
PSAV is a leading event technology and audiovisual firm. It seeks to provide service and technology that will give planners, producers and customers experiences that can be remembered for a long time. Because of its local expertise and wide range of event technology, the company is able to give more resources in more locations compared to other audiovisual firms. Operating in 1,300 resorts and hotels across the US, Canada, Mexico, Europe and the Middle East, PSAV has 4,750 highly-trained professionals working full-time, the statement said.
Established in 1937, PSAV's expertise has been used both for intimate occasions and large gatherings. PSAV President and Chief Executive Officer Mike McIlwain said in the statement, "We are thrilled to complete our acquisition by Olympus Partners and Goldman Sachs. We are eager to work with them to continue providing exceptional service and value to more customers in more geographies."
Olympus Partners Partner Manu Bettegowda shared that same sentiment. He said in the statement, "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. We look forward to working with PSAV's talented management team to continue to drive the company's growth."
Join the Conversation