Event Tech, AV Company PSAV Acquired by Goldman Sachs
November 21, 2013
Event technology and audiovisual company PSAV has made two big deals recently.
In the first one, the company has entered into a definitive agreement to be acquired by affiliates of Goldman Sachs from its current private equity owner Kelso & Company.
The second deal involves PSAV purchasing Visual Aids Electronics, with plans to merge it under the PSAV banner.
“This is truly an exciting time for our organization,” said Mike McIlwain, president and CEO of PSAV.
He added, “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.”
PSAV opened in 1937 and expanded its services during the years to meetings and conventions to include high-definition imaging, computer interfaces, rigging, power distribution, component video, special effects, concert sound and lighting, HSIA, virtual events and traditional equipment.
“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.
He added,“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.”
Just a few days after making the initial acquisition announcement, PSAV also revealed it was buying Visual Aids Electronics, which provides meeting presentation services through three main offices in Richmond, Va., Cincinnati and Phoenix, and smaller warehouses in Washington, D.C. and San Francisco.
VAE’s partnership portfolio includes agreements with more than 75 major hotels, resorts, convention and conference centers in 24 states from coast to coast.
“A merger between PSAV and VAE is the next evolution in the growth and development of the company,” stated Jack C. Cassell, president and CEO of VAE. “I believe PSAV is the best company to carry on the success we have built at VAE.”
McIlwain added, “I have been impressed by the operations of VAE for many years and am thrilled to add their capabilities into PSAV. The acquisition of VAE will provide greater service coverage for our hotel partners and customers, while adding additional services such as simultaneous interpretation. We are all truly excited about what this merger means to our industry as a whole.”
For the Goldman Sachs deal, 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.
Partner Voices
Overview:
The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality.
In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way.
“We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.”
Amenities:
The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.
The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience
The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need.
Gold Key Members
The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events.
OCCC Events:
This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.
The Center’s top five events during their 2022-2023 fiscal year included:
AAU Jr. National Volleyball Championships 2023
200,000 Attendees
$257 Million in Economic Impact
MEGACON 2023
160,000 Attendees
$205 Million in Economic Impact
Open Championship Series 2023
69,500 Attendees
$89 Million in Economic Impact
Sunshine Classic 2023
42,000 Attendees
$54 Million in Economic Impact
Premiere Orlando 2023
42,000 Attendees
$108 Million in Economic Impact
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