BB&T Capital Markets Serves as Exclusive Financial Advisor to Southern Audio Visual in its Sale to PSAV

Transaction Summary

On December 1, 2016, Southern Audio Visual, Inc. (“SAV” or the “Company”), a portfolio company of Prudential Capital Partners (“Prudential”), was acquired by Audio Visual Services Group Inc. (d/b/a PSAV) (“PSAV”), a portfolio company of Olympus Partners and the Merchant Banking Division of Goldman Sachs. BB&T Capital Markets served as the exclusive financial advisor to SAV.

About the Companies

SAV is a high-quality provider of live event audiovisual experiences for clients and luxury hotel partners based in Miami, Florida. Family led since its founding in 1947, SAV has a long-established culture of service excellence and collaborative partnerships with 26 marquis luxury hotels and resorts in the U.S. and provides comprehensive support services for corporate meetings, sales conferences, conventions, and other professional events.

Prudential Capital Partners is the middle-market mezzanine debt and equity fund management business sponsored by Prudential Capital Group, the private debt investment arm of Prudential Financial, Inc. (NYSE: PRU). Managing a portfolio of nearly $78 billion with nearly 1,000 client companies around the globe, Prudential Capital Group has been a leading provider of private debt, mezzanine and equity investment to middle-market companies worldwide for more than 75 years.

PSAV is a leading provider in the global event technology services industry delivering creative production, advanced technology, and staging to help our customers deliver more dynamic and impactful experiences at their meetings, tradeshows and special events. As the event technology provider of choice at nearly 1,500 leading hotels, resorts and convention centers throughout the U.S., Canada, the Caribbean, Mexico, Europe and the Middle East. PSAV’s customers comprise event organizers, corporations, trade associations and meeting planners who choose PSAV for its innovative and comprehensive service offerings, exceptional customer service from 8,200 highly trained staff across a global platform.

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 is an active, long-term investor across a broad range of industries, including business services, restaurants & consumer, healthcare, industrial & packaging, transportation & logistics, and financial services. Olympus manages in excess of $5.5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.

Founded in 1869, the Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. With nine offices across seven countries, MBD 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.

Commercial & Industrial

The BB&T Capital Markets Commercial & Industrial Group provides clients with industry expertise and best-in-class transaction execution. We offer Corporate Banking, M&A advisory and capital raising services across a variety of sectors including commercial and consumer durable goods, engineering and construction, building materials, industrial equipment and distribution, and flow control.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 11 distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

  • O2COOL, LLC

    On March 31, 2017, O2COOL, LLC (“O2COOL” or the “Company”), a portfolio company of Focus Investments, Inc. and  Waveland  Investments  LLC  (“Focus”  and  “Waveland”),  was  acquired  by  LKCM  Headwater  Investments (“LKCM”). BB&T Capital Markets served as the exclusive financial advisor to O2COOL.

    Read More
  • Silicon Laboratories Inc. (NasdaqGS: SLAB)

    BB&T Capital Markets’ Diversified Industries Group completed a transaction for Silicon Laboratories Inc. in the first quarter of 2017, helping to raise $400,000,000 in gross proceeds for our client.

    Silicon Laboratories Inc., intends to use the proceeds from the offering to repay in full all amounts outstanding under its existing credit facility, and for general corporate purposes. Total gross proceeds includes the full exercise of the underwriter’s over-allotment option, through which they purchased an additional $50mm in principal notes.

    Read More
  • Microchip Technology Inc. (NasdaqGS: MCHP)

    BB&T Capital Markets’ Diversified Industries Group completed a transaction for Microchip Technology Inc. in the first quarter of 2017, helping to raise $2,300,000,000 in gross proceeds for our client.

    The offering consists of $1.8 billion of convertible senior subordinated notes due 2027, and $500mm convertible junior subordinated notes due 2037. Microchip Technology Inc. intends to use the net proceeds of this offering to repay indebtedness and for general corporate purposes. Microchip also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $270 million aggregate principal amount of the 2027 notes and an additional $75 million aggregate principal amount of the 2037 notes to cover over-allotments.

    Read More
  • Southern Audio Visual, Inc.

    On December 1, 2016, Southern Audio Visual, Inc. (“SAV” or the “Company”), a portfolio company of Prudential Capital Partners (“Prudential”), was acquired by Audio Visual Services Group Inc. (d/b/a PSAV) (“PSAV”), a portfolio company of Olympus Partners and the Merchant Banking Division of Goldman Sachs. BB&T Capital Markets served as the exclusive financial advisor to SAV.

    Read More
  • Stanton Carpet Corporation

    On November 21, 2016, Stanton Carpet Corporation ("Stanton" or the "Company"), a portfolio company of Norwest Equity Partners ("NEP"), was acquired by Quad-C Management, Inc. ("Quad-C"). BB&T Capital Markets served as the exclusive financial advisor to Stanton.

    Read More
  • Trademark Games Holdings, LLC

    On October 31, 2016, Trademark Games Holdings, LLC (“Trademark” or the “Company”), a portfolio company of Blue Point Capital Partners (“Blue Point”), was acquired by Bertram Capital. BB&T Capital Markets served as the exclusive financial advisor to Trademark.

    Read More
  • Fortiline Waterworks

    On October 31, 2016, Fortiline Waterworks (“Fortiline” or the “Company”), a portfolio company of CHS Capital, was acquired by MORSCO, a portfolio company of Advent International. BB&T Capital Markets served as financial advisor to Fortiline.

    Read More
  • Lennox International, Inc. (NYSE: LII)

    On October 25, 2016, BB&T Capital Markets served as a co-manager for a $350 million offering of 3.00% senior notes due 2023 by Lennox International, Inc.

    Proceeds from the offering are being used for general corporate purposes.

    Read More
  • Owens Corning (NYSE: OC)

    On August 3, 2016, BB&T Capital Markets served as a co-manager for a $400 million offering of 3.40% senior notes by Owens Corning.

    Proceeds from the offering are being used for general corporate purposes, including to exercise the make-whole call to redeem all of the company’s outstanding 2016 notes and to repay outstanding debt.

    Read More
  • Eagle Materials Inc. (NYSE: EXP)

    On July 28, 2016, BB&T Capital Markets served as a book-running lead manager for a $350,000,000 offering of senior notes by Eagle Materials Inc. Proceeds from the offering were used to repay a portion of the amounts outstanding under Eagle’s credit facility.

    Read More
  • PulteGroup, Inc. (NYSE: PHM)

    On July 26, 2016, BB&T Capital Markets served as a book-running lead manager for a $1 billion two-tranche offering of senior notes by PulteGroup, Inc.
    The offering consisted of a $400 million tranche of 4.25% senior notes due 2021 and a $600 million tranche of 5.00% senior notes due 2027.

    Proceeds from the offering were used to repay a portion of the amounts outstanding under PulteGroup’s term loan facility, to repay any borrowings outstanding under its revolving credit facility and for general corporate purposes.

    Read More
  • NCI Building Systems Inc. (NYSE: NCS)

    BB&T Capital Markets’ Commercial and Industrial Group completed a transaction for a metal building systems manufacturer in the third quarter of 2016, helping to raise $167,152,500 for the selling shareholder, Clayton, Dubilier & Rice.

    The Company will not receive any of the gross proceeds from the offering of these shares. Clayton, Dubilier & Rice retains 42% ownership of the Company, down from 58% before this transaction. The 10.35 million share equity offering was completed with a concurrent repurchase of 2.91 million shares by the company. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased 1.35 million additional shares.

    Read More
  • Cape Electrical Supply LLC

    On July 1, 2016, Cape Electrical Supply LLC (“Cape Electric”), a portfolio company of Svoboda Capital Partners LLC, was acquired by Graybar Electric Company, Inc. (“Graybar”). BB&T Capital Markets served as the exclusive financial advisor to Cape Electric.

    Read More
  • Safety Products Group

    On June 17, 2016, Safety Products Group LLC (“SPG” or the “Company”), a portfolio company of Gemini Investors, TMW Enterprises, and Akoya Capital, was acquired by Tractel S.A.S. (“Tractel”), a portfolio company of Cinven. BB&T Capital Markets served as the exclusive financial advisor to SPG.

    Read More
  • WESCO International, Inc. (NYSE: WCC)

    On June 2, 2016, BB&T Capital Markets served as a  co-manager for a $350 million offering of senior notes by WESCO International, Inc. Proceeds from this offering are being used to repay the company’s 6.0% Convertible Senior Debentures due 2029, which are redeemable on or after September 15, 2016.

    Read More
  • Waste Connections, Inc. (NYSE: WCN)

    On June 1, 2016, BB&T Capital Markets served as a placement agent for a $750 million private placement of senior unsecured notes by Waste Connections, Inc. The issue consists of three tranches: $150 million of 2.39% senior notes due 2021; $200 million of 2.75% senior notes due 2023; and $400 million of senior notes due 2026.  Proceeds from the transaction are being used in conjunction with a merger transaction involving Waste Connections (formerly Progressive Waste Solutions Ltd. ("Progressive Waste")) and Waste Connections US, Inc. (formerly Waste Connections, Inc. ("Old Waste Connections")).

    Read More
  • Southern Company (NYSE: SO)

    On May 19, 2016, BB&T Capital Markets served as a  co-manager for an $8.5 billion offering of senior notes in seven tranches by The Southern Company. The offerings consisted of $500 million 1.55% senior notes due 2018; $1 billion 1.85% senior notes due 2019; $1.5 billion 2.35% senior notes due 2021; $1.25 billion 2.95% senior notes due 2023; $1.75 billion 3.25% senior notes due 2026; $500 million 4.25% senior notes due 2036; and $2 billion 4.40% senior notes due 2046. The net proceeds from the sale of the notes will be used to pay merger consideration for The Southern Company’s acquisition of AGL Resources Inc. Any remaining amounts will be used for general corporate purposes.

    Read More
  • NSi Industries, Inc.

    On May 17, 2016, NSi Industries, Inc. (“NSi” or the “Company”), a portfolio company of Summit Park, was acquired by Blue Sea Capital (“Blue Sea”). BB&T Capital Markets served as the exclusive financial advisor to NSi.

    Read More
  • Oglethorpe Power Corporation

    On April 15, 2016, BB&T Capital Markets served as a co-manager for a $250 million offering of 4.25% first mortgage bonds due 2046 by Oglethorpe Power Corporation. Proceeds from the offering are being used to fund construction costs and interest rate options used to mitigate exposure to other borrowings.

    Read More
  • Lowe’s Companies, Inc.(NYSE: LOW)

    On April 11, 2016, BB&T Capital Markets served as a co-manager for a $3.3 billion offering of senior notes by Lowe’s Companies, Inc. The offering consisted of $250 million of floating rate notes due 2019; $350 million of 1.15% notes due 2019; $1.35 billion of 2.50% notes due 2026 and $1.35 billion of 3.70% notes due 2046. Proceeds from the offering are being used to fund Lowe’s RONA acquisition, to repay $475MM of its 2.125% notes due 2016 and $550MM of its 5.4% notes due 2016, and for general corporate purposes.

    Read More
  • HD Supply, Inc. (Nasdaq: HDS)

    On March 28, 2016, BB&T Capital Markets served as a co-manager for a $1 billion offering of 5.75% senior notes due 2024 by HD Supply, Inc. Proceeds from the offering were to redeem in full $1 billion of the company’s outstanding October 2012 Senior Unsecured Notes.

    Read More
  • Cisco Systems, Inc. (Nasdaq: CSCO)

    On February 22, 2016, BB&T Capital Markets served as a  co-manager for a $7 billion offering of floating and fixed-rate senior notes by Cisco Systems, Inc. The offering consisted of six tranches, with maturities varying from 2018 to 2026. Proceeds from the offering were used for general corporate purposes, including share repurchases, repayment of debt, acquisitions, investments, additions to working capital, cash dividends and advances to subsidiaries.

    This offering represents the third bond transaction by Cisco Systems to which BB&T Capital Markets has been invited.

    Read More
  • Hooker Furniture Corporation (NASDAQ:HOFT)

    On February 1, 2016, major casegoods and upholstery importer and manufacturer Hooker Furniture Corporation (NASDAQ:HOFT) (“Hooker” or the “Company") completed its acquisition of substantially all of the assets and certain liabilities of Home Meridian International, Inc. (“HMI”). The acquisition more than doubled Hooker’s size and the combined entity will become one of the top five sources for the U.S. furniture market. BB&T Capital Markets served as the exclusive financial advisor to Hooker.

    

    Read More
  • Niagara Thermal Products, LLC

    On January 5, 2016, Niagara Thermal Products, LLC (“Niagara” or the “Company”), a portfolio company of ShoreView Industries (“Shoreview”), was acquired by Aavid Thermalloy, LLC (“Aavid”), a portfolio company of Audax Private Equity (“Audax”). BB&T Capital Markets served as the exclusive financial advisor to Niagara.

    

    Read More
  • Qorvo Inc. (Nasdaq: QRVO)

    On November 13, 2015, BB&T Capital Markets served as a co-manager for a two-tranche offering of senior notes by Qorvo Inc. The offering consisted of $450 million of 6.75% senior notes due 2023 and $550 million of 7.00% senior notes due 2025. Proceeds from the offering are being used for share repurchases and repayment of amounts outstanding under the company’s revolving credit facility.

    

    Read More
  • Colony Hardware Corporation

    On October 23, 2015, Colony Hardware Corporation (“Colony” or the “Company”), a portfolio company of AEA Investors (“AEA”), was acquired by Tailwind Capital (“Tailwind”). BB&T Capital Markets served as the exclusive financial advisor to Colony.

    

    Read More
  • Safemark, Inc.

    On September 14, 2015, Safemark, Inc. (“Safemark” or the “Company”), a portfolio company of Milestone Partners (“Milestone”), was acquired by MSouth Equity Partners (“MSouth”). BB&T Capital Markets served as the exclusive financial advisor to Safemark.

    

    Read More
  • Lowe’s Companies, Inc.(NYSE: LOW)

    On September 9, 2015, BB&T Capital Markets served as a co-manager for a $1.75 billion offering of senior notes by Lowe’s Companies, Inc. The offering consisted of $250 million of floating rate notes due 2018; $750 million of 3.375% notes due 2025; and $750 million of 4.375% notes due 2045.


    Proceeds from the offering are being used to repay Lowe’s $500 million of 5.000% notes due October 15, 2015, and for general corporate purposes.

    

    Read More
  • Summit Materials, Inc. (NYSE: SUM)

    BB&T Capital Markets’ Commercial and Industrial Group completed a transaction for a leading cement and concrete manufacturer and distributor in the third quarter of 2015, helping to raise $577,443,750 for our client.

    The Company intends to use the net proceeds from this offering to fund, in part, the acquisition of a cement plant in Davenport, Iowa and related terminals from Lafarge SA. The Blackstone Group L.P., a partial owner of the Company, also sold shares in the offering. The Company will not receive any net proceeds from shares sold by the selling shareholder. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 2,925,000 shares.

    

    Read More
  • Airgas, Inc. (NYSE: ARG)

    On August 5, 2015, BB&T Capital Markets served as a  co-manager for a $400 million offering of 3.050% notes due 2020 by Airgas, Inc. Proceeds from this offering are being used for general corporate purposes, including to fund acquisitions, to repay indebtedness and to repurchase shares pursuant to the company’s stock repurchase program.

    

    Read More
  • Western Window Systems, LLC

    On July 31, 2015, WWS Acquisition, LLC (“Western Window Systems,” “Western," or the “Company”), a portfolio company of The Omnia Group, LLC (“Omnia”) and ORIX Mezzanine & Private Equity, was acquired by Perella Weinberg Partners Growth Equity (“PWP”). BB&T Capital Markets served as the exclusive financial advisor to Western.

    Read More
  • Builders FirstSource, Inc. (NASDAQ GS: BLDR)

    BB&T Capital Markets’ Commercial & Industrial Group completed a transaction for a leading building materials distributor in the third quarter of 2015, with an equity offering worth $176,640,000.

    On April 13, 2015, the Company announced the acquisition of ProBuild Holdings LLC, from Devonshire Investors in a deal worth $1.82 billion. The combined entity will be the largest U.S. building materials distribution company serving the professional segment, with estimated combined sales of more than $6 billion. The transaction is expected to close in the third quarter of 2015.

    The Company intends to use the net proceeds from this offering to fund, in part, the acquisition of ProBuild Holdings LLC. Warburg Pincus Private Equity L.P., a partial owner of the Company, also sold shares in the offering. The Company will not receive any net proceeds from shares sold by the selling shareholder. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,800,000 shares.

    

    Read More
  • Eck Supply Company

    On June 30, 2015, Eck Supply Company (“Eck Supply” or the “Company”), was acquired by Sonepar USA (“Sonepar”). Also, on June 26, 2015, the Lynchburg, Virginia, branch of Eck Supply was acquired by Electrical Equipment Company (“EECO”). BB&T Capital Markets served as the exclusive financial advisor to Eck Supply for both transactions.

    

    Read More
  • Smith & Wesson Holding Corporation

    On June 15, 2015, BB&T Capital Markets' Corporate Banking Group closed $280 million in credit facilities for Smith & Wesson Holding Corporation. BB&T committed $60 million to the facilities as the Joint Lead Arranger and Joint Bookrunner.

    Read More
  • Cisco Systems, Inc. (Nasdaq: CSCO)

    On June 10, 2015, BB&T Capital Markets served as a  co-manager for a $5 billion offering of floating and fixed-rate senior notes by Cisco Systems, Inc. The offering consisted of five tranches, with maturities varying from 2018 to 2025. Proceeds from the offering were used for general corporate purposes, including to return capital to shareholders pursuant to Cisco’s previously-announced capital allocation strategy through the repurchase of shares of its common stock and the payment of cash dividends.

    This offering represents the second bond transaction by Cisco Systems to which BB&T Capital Markets has been invited.

    

    Read More
  • Area Wide Protective

    On June 5, 2015, Area Wide Protective (“AWP”), a portfolio company of Blue Point Capital Partners (“Blue Point”), was acquired by The Riverside Company (“Riverside”) in partnership with AWP management. BB&T Capital Markets served as the exclusive financial advisor to AWP.

    

    Read More
  • Quest Events, LLC

    On June 1, 2015, Quest Events, LLC (“Quest”), a portfolio company of PVB Capital LLC (“PVB”), Gemini Investors (“Gemini”), and Harbert Mezzanine Partners (“Harbert”), was acquired by Goldner Hawn Johnson & Morrison (“GHJ&M”) and Tonka Bay Equity Partners (“Tonka Bay”) in partnership with Quest management, led by CEO and Founder, Lee Dunlap. BB&T Capital Markets served as the exclusive financial advisor to Quest.

    

    Read More
  • TPC Wire & Cable Corp.

    On May 14, 2015, TPC Wire & Cable Corp. (“TPC”), a portfolio company of Pfingsten Partners (“Pfingsten”), was acquired by Audax Private Equity in partnership with TPC management. BB&T Capital Markets served as advisor to TPC.

    

    Read More
  • Connect-Air International, Inc.

    On April 1, 2015, Connect-Air International, Inc. (“Connect-Air” or the “Company”), a portfolio company of Wincove Capital (“Wincove”), was acquired by EIS, Inc. (“EIS”), a wholly-owned subsidiary of Genuine Parts Company (“GPC”). BB&T Capital Markets served as the exclusive financial advisor to Connect-Air.

    

    Read More
  • AFC Holdings

    On March 27, 2015, AFC Holdings (“AFC” or the “Company”), a portfolio company of Rockwood Equity Partners, was acquired by Incline Equity Partners. BB&T Capital Markets served as the exclusive financial advisor to AFC Holdings.

    

    Read More
  • Summit Materials, Inc. (NYSE: SUM)

    BB&T Capital Markets’ Commercial and Industrial Group completed a transaction for a leading aggregates manufacturer and distributor in the first quarter of 2015, helping to raise $459,999,990 for our client.

    The Company intends to use the net proceeds from this offering to redeem certain indebtedness and for general corporate purposes. The Company and its owners utilized the ‘Up-C’ corporate structure in the execution of the IPO. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 3,333,333 shares.

    

    Read More
  • Specialty Pipe & Tube, Inc.

    On November 21, 2014, Specialty Pipe & Tube, Inc. (“Specialty” or the “Company”), was acquired by Synalloy Corporation (“Synalloy”). BB&T Capital Markets served as the exclusive financial advisor to Ferguson and Specialty.

    Read More
  • Continental Building Products, Inc. (NYSE: CBPX)

    BB&T Capital Markets’ Commercial and Industrial Group completed a transaction for a gypsum wall board manufacturer and distributor in the fourth quarter of 2014, helping to raise $118,738,000 for our client. This transaction represents a partial liquidation of the interests of the company’s private equity sponsors, Lone Star Funds. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,050,000 shares.

    Read More
  • Checkers Industrial Safety Products, Inc.

    On November 20, 2014, Checkers Industrial Safety Products, Inc. (“Checkers” or the “Company”), a portfolio company of Tonka Bay Equity Partners (“Tonka Bay”), was acquired by Audax Private Equity (“Audax”). BB&T Capital Markets served as the exclusive financial advisor to Checkers.

    Read More