The company provides audiovisual services for more than 375 hotels, resorts and conference centres across the US, Canada and the Middle East.
Kelso said it plans to merge the business with existing portfolio company PSAV Presentation Services, which provides audiovisual equipment and services.
Kelso vice president Steve Dutton said, “PSAV and Swank are industry leaders with impressive histories of growth, innovation, and best-in-class customer service.
“With PSAV and Swank as one combined entity, hoteliers will benefit from a single source of audiovisual and technology support for every size hotel and event around the world.”
Kelso is currently investing through its $5.125bn Fund VIII raised in 2008 – a stark increase on the $5m it raised for its first vehicle back in 1980.
The firm could be close to exiting its investment in KAR Auction Services, which it 78 per cent owns alongside Goldman Sachs Capital Partners, ValueAct Capital and Parthenon Capital.
KKR, Apollo Global Management and Clayton Dubilier & Rice are all reported to be among private equity firms considering a buyout of the company, in a deal which could reach $4bn.
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