PSAV Files for IPO

The underwriters for this offering are Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, Macquarie Capital, Piper Jaffray and William Blair.

This company is a leading provider in the $23 billion global audiovisual and event technology services industry. Its technical staff delivers innovative solutions in support of events ranging from small meetings in single conference rooms to global multi-media conference events with thousands of attendees. As customers look to deliver more dynamic and impactful events, the event technology services the company provides are a critical need and continue to grow in importance.

PSAV is the event technology provider of choice at leading hotels, resorts and convention centers. Its business model is based on long-term partnerships with these venues, which establish it as the exclusive on-site provider of event technology services. The customers, including corporations, event organizers, trade associations and meeting planners, hire the company primarily through its on-site presence at venues to plan and execute their events. PSAV has built a premier brand based on its comprehensive service offerings, strong track record of customer service, broad geographic footprint and on-site employee service model. The largest market is the United States, where it holds the number one position and serve approximately five times the total venues of its closest competitor. Additionally, PSAV has a leading position in three of the nine countries it serves internationally.

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In the filing, the company described its finances as:

Between 2010 and 2014, our revenue increased from $573 million to $1,264 million, Adjusted EBITDA increased from $38 million to $157 million and net income (loss) improved from $(35.4) million to $(1.4) million. For the year ended December 31, 2014, our revenue of $1,264 million grew 15% versus the prior year. In this same period, our Adjusted EBITDA of $157 million represented 12% of revenue and 20% growth over the prior year.

The company will use the net proceeds from this offering to repay its indebtedness and general corporate purposes.