Goldman-backed PSAV plans $300 milliion IPO, company valued at $2 billion: Bloomberg

(Reuters) — PSAV, an events services company, is preparing for an initial public offering that could raise about $300 million, Bloomberg reported, citing people familiar with the matter.

PSAV, which was acquired by Goldman Sachs Group Inc (GS.N) less than two years ago, could be valued at around $2 billion, Bloomberg said, citing people familiar with the matter. (bloom.bg/1BxyMqf)

The Long Beach, California-based company is in the process of working with Goldman Sachs, Morgan Stanley (MS.N) , Barclays Plc (BARC.L) and Credit Suisse Group AG (CSGN.VX) on the offering, Bloomberg reported.

Representatives at PSAV and Goldman Sachs declined to comment.

Goldman Sachs acquired the company from private equity firm Kelso & Co for an undisclosed amount although it was said to be close to $900 million, according to people familiar with the matter. (reut.rs/1GjG65z)

PSAV is one of the largest provider of audiovisual services to the U.S. hotel industry and helps coordinate events and meetings using high-definition projectors and plasma screens.
Representatives at Morgan Stanley, Credit Suisse and Barclays were not immediately available for comment.