Goldman Sachs-Backed PSAV Said to Prepare $300 Million U.S. IPO

PSAV, which provides technology and stage design for conferences and events, is preparing for an initial public offering that could raise about $300 million, people familiar with the matter said.

The Long Beach, California-based company could be valued at around $2 billion, the people said, asking not to be identified discussing private information. PSAV is already working with Goldman Sachs Group Inc., Morgan Stanley, Barclays Plc and Credit Suisse Group AG on the offering, the people said.

PSAV was acquired by Goldman Sachs from Kelso & Co. less than two years ago for an undisclosed amount. Reuters reported at the time that the deal was valued at close to $900 million. The IPO would mark a return to public markets for PSAV, which was called Audio Visual Services Corp. until a 2007 buyout by Kelso. Kelso later merged it with another event services company it acquired in 2012.

The company traces its roots back 78 years, when Ray and Lucille Swank started providing “portable projection services.” Today, the company operates in 1,400 resorts and hotels throughout North America, Europe and Asia providing audio-visual and networking technology at events.

Representatives from PSAV, Goldman Sachs, Morgan Stanley, Credit Suisse and Barclays declined to comment on the IPO.

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