Freeman Finalizes Sale of Encore Event Technologies to PSAV
The Freeman Company has completed its previously announced sale of Encore Event Technologies, a global provider of event technology, staging and production services, to PSAV. Terms of the transaction were not disclosed.
Known to event planners as the in-house or preferred audio-visual provider at many venues across the United States, PSAV has a presence in nearly 1,600 locations within 10 different countries. In August 2018, the company was acquired by investment firm Blackstone and becomes even larger with the Encore acquisition.
Like PSAV, Encore also operates as an in-house partner to resorts, hotels and casinos, with more than 460 properties in 12 countries. In October 2018, the company acquired Canadian production and audiovisual company FMAV to expand its reach into Canada.
According to PSAV officials, the Encore acquisition will enable the company to further expand its capabilities throughout North America and Asia Pacific.
For Freeman, proceeds from the transaction will be used to enhance the global event experience company’s ability to invest in innovation, talent and strategic growth opportunities across the business while continuing to transform and enhance live events for its global customers.
“This divestiture is an important milestone and will allow Freeman to invest deeper in our broad competencies in brand and event strategy, world-class creative, event technology, digital and logistics,” said Bob Priest-Heck, CEO of Freeman.
He continued, “It will enhance our efforts to put our customers at the center of everything we do and create meaningful, memorable, and measurable live event and brand experiences that deliver results.”
Priest-Heck added that the merger of Encore and PSAV also creates opportunities for Encore to accelerate its growth and provide enhanced value to its clients, partners and team.
According to Freeman Chair Carrie Freeman Parsons, the Encore transaction marks an important milestone in Freeman’s continued evolution.
“This divestiture allows us to focus on our core business and significantly strengthens our balance sheet and ability to invest in our people and future growth,” she said. “We wish our longtime Encore associates much success as they continue to grow with PSAV.”