Kelso & Company Will Acquire Swank Audio Visuals; Merge with PSAV Presentation Services
October 9, 2012
Kelso & Company, a private equity firm located in New York, has signed a definitive agreement to acquire Swank Audio Visuals and merge it with another AV company Kelso owns, PSAV Presentation Services.
“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.
He added, “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.”
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 in which 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.
Swank also provides its services by offering a destination events department that operates at multiple venues and locations.
“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.
He added, “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.”
Kelso’s PSAV Presentation Services also is a provider of audiovisual equipment and services to the meeting and event industries.
Kelso plans to merge Swank and PSAV “to create the industry’s single leading source of audiovisual and event technology support,” according to Kelso company officials.
“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.
He added, “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."
Barclays and Macquarie Capital served as advisors to Kelso and are arranging financing for the transaction.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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