PSAV, which is a leading provider of audiovisual equipment rental and support services for events, withdrew its plans for an initial public offering on Wednesday after it was announced that the company will be acquired by Blackstone. Terms were not disclosed. It had filed in June 2016 to raise $177 million at an enterprise value of $1.5 billion, before postponing the offering.
The Schiller Park, IL-based company was founded in 1962 and booked $1.5 billion in revenue for the 12 months ended June 30, 2016. It had planned to list on the NYSE under the symbol PSAV. Goldman Sachs, Morgan Stanley, Barclays and Credit Suisse were set to be the joint bookrunners on the deal.
