The Freeman Company has announced that it 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.
“This transaction marks an important step in the continued evolution of Freeman,” said Carrie Freeman Parsons, Chair of The Freeman Company. “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. We wish our longtime Encore associates much success as they continue to grow with PSAV.”
Bob Priest-Heck, chief executive officer of The Freeman Company, said, “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. 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.”
Mr. Priest-Heck concluded, “The combination of Encore and PSAV also creates tremendous opportunities for Encore to accelerate its growth and provide enhanced value to its clients, partners and world-class team. We wish our Encore colleagues continued success as part of PSAV moving forward.”
Ken Sanders, chief development officer of The Freeman Company, commented, “I’ve been humbled by the resilience of my Encore colleagues as they continued to deliver with excellence to customers over the past months awaiting the closing of the merger with PSAV. We are confident that we found the right home for Encore and look forward to watching them develop further with PSAV.”
Proceeds from the transaction will be used to enhance Freeman’s ability to invest in innovation, talent, and strategic growth opportunities across the business, and continue to transform and enhance live events for its customers around the world.