Blackstone Agrees to Buy Event Experience Company PSAV
June 21, 2018
PSAV, a global leader in event experiences, entered into a definitive agreement to be acquired by private equity and real estate funds affiliated with Blackstone from affiliates of Goldman Sachs and Olympus Partners. Terms of the transaction were not disclosed.
“We are very excited to partner with Blackstone, one of the world’s preeminent investors in the hotel, tradeshow, travel and leisure, and business services sectors, to support the next phase of PSAV’s growth,” said Mike McIlwain, president and CEO of PSAV.
He added, “Blackstone is an ideal partner who is highly supportive of our team members and their commitment to our purpose, mission and values. Through this partnership, we and Blackstone intend to drive further innovation and growth alongside our world-class roster of venue partners and meeting planner customers. We are very appreciative of the successful partnership we have had with Goldman Sachs and Olympus Partners.”
Peter Wallace and David Kestnbaum of Blackstone’s Private Equity team commented, “We are thrilled about the future of PSAV’s partnership with Blackstone. PSAV is the market leader in event experiences, and we look forward to working with the company’s world-class management team to provide the broad array of value-added support and expertise that Blackstone offers. This is a great fit given our firm’s deep and long-standing record and relationships in the hospitality industry and other sectors relevant to supporting PSAV’s attractive growth prospects.”
Tyler Henritze and Scott Trebilco of Blackstone’s Real Estate team added, “Blackstone is already a significant partner to PSAV, using its services within nearly all our existing hotel portfolio. We are excited about pursuing additional ways to enhance the company’s growth and value-add to its venue partners and meeting planners via our industry presence going forward.”
“We are extremely proud of the growth that PSAV and its management team have achieved over our ownership period,” said Brad Gross and Leonard Seevers of Goldman Sachs.
Manu Bettegowda and Evan Eason, partners at Olympus, also commented, "We have been fortunate to partner with Goldman Sachs and with a very talented and experienced management team led by Mike McIlwain. PSAV is extremely well positioned to continue its stellar growth. We look forward to watching the team continue to drive that growth and market leadership.”
Blackstone has been busy scooping up companies, most recently AMC Inc., the company that runs AmericasMart and Lightfair International.
In January, PSAV bought Hargrove - a full-service, creative and technical production company that serves myriad segments of the live events market, creating face-to-face experiences for some of the world’s most recognized corporations, associations and government agencies.
Goldman Sachs and Morgan Stanley are serving as financial advisors to PSAV, and Weil, Gotshal & Manges LLP is serving as legal counsel to PSAV. JP Morgan served as an advisor to management.
Simpson Thacher & Bartlett LLP is serving as legal counsel to Blackstone. AGM Partners, Barclays, Credit Suisse, and Moelis & Company are serving as financial advisors to Blackstone.
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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