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PSAV Announces Agreement to be Acquired by Blackstone

PSAV, a global leader in event experiences, announced today that it has
entered into a definitive agreement to be acquired by private equity and
real estate funds affiliated with Blackstone (NYSE:BX) (“Blackstone”)
from affiliates of Goldman Sachs (NYSE:GS) and Olympus Partners. Terms
of the transaction were not disclosed.

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PSAV delivers on its purpose of connecting and inspiring people by
creating impactful event experiences. Through its deep expertise in
creative, production, advanced technology and staging services, PSAV is
an invaluable partner to meeting and event planners. It is the trusted
provider of choice at leading venues across the globe.

“We are very excited to partner with Blackstone, one of the world’s
preeminent investors in the hotel, tradeshow, travel and leisure, and
business services sectors, to support the next phase of PSAV’s growth,”
stated Mike McIlwain, President and CEO of PSAV. “Blackstone is an ideal
partner who is highly supportive of our team members and their
commitment to our purpose, mission and values. Through this partnership,
we and Blackstone intend to drive further innovation and growth
alongside our world-class roster of venue partners and meeting planner
customers. We are very appreciative of the successful partnership we
have had with Goldman Sachs and Olympus Partners.”

Peter Wallace and David Kestnbaum of Blackstone’s Private Equity team
commented, “We are thrilled about the future of PSAV’s partnership with
Blackstone. PSAV is the market leader in event experiences, and we look
forward to working with the company’s world-class management team to
provide the broad array of value-added support and expertise that
Blackstone offers. This is a great fit given our firm’s deep and
long-standing record and relationships in the hospitality industry and
other sectors relevant to supporting PSAV’s attractive growth prospects.”

Tyler Henritze and Scott Trebilco of Blackstone’s Real Estate team
added, “Blackstone is already a significant partner to PSAV, using its
services within nearly all our existing hotel portfolio. We are excited
about pursuing additional ways to enhance the company’s growth and
value-add to its venue partners and meeting planners via our industry
presence going forward.”

“We are extremely proud of the growth that PSAV and its management team
have achieved over our ownership period,” said Brad Gross and Leonard
Seevers of Goldman Sachs.

Manu Bettegowda and Evan Eason, partners at Olympus, also commented, “We
have been fortunate to partner with Goldman Sachs and with a very
talented and experienced management team led by Mike McIlwain. PSAV is
extremely well positioned to continue its stellar growth. We look
forward to watching the team continue to drive that growth and market
leadership.”

Goldman Sachs and Morgan Stanley are serving as financial advisors to
PSAV, and Weil, Gotshal & Manges LLP is serving as legal counsel to
PSAV. JP Morgan served as an advisor to management.

Simpson Thacher & Bartlett LLP is serving as legal counsel to
Blackstone. AGM Partners, Barclays, Credit Suisse, and Moelis & Company
are serving as financial advisors to Blackstone.

About PSAV

PSAV is a global leader in event experiences, providing creative,
production, advanced technology and staging services to help meeting
planners deliver more dynamic and impactful experiences at their
meetings, trade shows and special events. The team consists of more than
9,000 professionals across 1,500 on-site venue locations and 49 branch
offices within the United States, Canada, Mexico, Europe, the Caribbean,
and the Middle East. It is the trusted partner and exclusive on-site
provider of choice at leading venues worldwide. PSAV was recently named
to the Forbes 2018 America’s Best Employer list. The company is
headquartered in Schiller Park, Ill. www.psav.com.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with $450
billion in assets under management, include investment vehicles focused
on private equity, real estate, public debt and equity, non-investment
grade credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.

About Goldman Sachs

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global
investment banking, securities and investment management firm. Goldman
Sachs Merchant Banking Division is the primary center for the firm’s
long-term principal investing activity. With nine offices across seven
countries, Goldman Sachs Merchant Banking Division is one of the leading
private capital investors in the world with equity and credit
investments across corporate, real estate, and infrastructure
strategies. Since 1986, the group has invested approximately $180
billion of levered capital across a number of geographies, industries
and transaction types. www.gs.com.

About Olympus Partners

Founded in 1988, Olympus Partners is a private equity firm focused on
providing equity capital for middle market management buyouts and for
companies needing capital for expansion. Olympus’ primary investment
thesis is to back high quality management teams in their growth plans
with strategic advice and capital. Olympus is an active, long-term
investor across a broad range of industries, including business
services, industrials, consumer products, healthcare services and
financial services.

Olympus manages in excess of $8.5 billion on behalf of corporate pension
funds, endowment funds and state-sponsored retirement programs. www.olympuspartners.com.

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