Viad Corp Rebrands as Pursuit Attractions and Hospitality After GES Business Sale
- Viad Corp has sold its GES business for $535 million, transforming into Pursuit Attractions and Hospitality.
- Pursuit aims to enhance attractions and hospitality offerings, leveraging a strong financial position for growth.
- Pursuit will begin trading under the ticker symbol PRSU on January 2, 2025, signaling its new strategic direction.
Viad Corp Transitions to Pursuit Attractions and Hospitality Following GES Sale
Viad Corp has successfully concluded the sale of its Global Experience Specialists (GES) business to Truelink Capital for $535 million, marking a significant transformation for the company. The sale consists of an immediate payment of $510 million, with an additional $25 million payable a year later. This strategic divestiture allows Viad to rebrand itself as Pursuit Attractions and Hospitality, Inc. ("Pursuit"), an entity dedicated to creating memorable experiences in iconic destinations. The proceeds from the sale effectively retire Viad's 2021 Credit Facility and strengthen Pursuit's financial foundation, empowering the company to implement its Refresh, Build, Buy growth strategy.
Under the leadership of newly appointed President and CEO David Barry, Pursuit is set to enhance its portfolio of attractions and hospitality offerings. The company boasts an impressive collection of 14 major attractions and 28 unique lodges across the U.S., Canada, and Iceland, positioning it within a market characterized by significant barriers to entry and growing consumer demand. Barry emphasizes that Pursuit's focus will be on delivering exceptional experiences to guests, leveraging its robust financial position to expand its presence in high-demand locations. This shift not only signals a new chapter for Viad but also represents an opportunity for Pursuit to maximize shareholder value while enriching the hospitality experience in sought-after destinations.
The transition from Viad to Pursuit reflects a broader strategic vision aimed at enhancing operational efficiency and market competitiveness in the attractions and hospitality sector. Outgoing President and CEO Steve Moster underscores the optimism surrounding this transformation, highlighting the contributions of the dedicated team and board throughout the process. As Pursuit prepares to commence trading on the New York Stock Exchange under the ticker symbol PRSU on January 2, 2025, stakeholders eagerly anticipate the company's next steps in expanding its iconic offerings, which are expected to deliver high returns and irreplicable experiences.
In addition to the rebranding and strategic refocusing, Viad's Board of Directors also sees changes following the sale. The successful conversion of Viad's 5.5% Convertible Preferred Shares is part of this transition. Meanwhile, Truelink Capital's acquisition of GES, a leader in the global exhibition and event industry, reflects ongoing consolidation and growth strategies within the sector. With Derek Linde remaining at the helm of GES, the company aims to enhance its strengths in creative design, logistics, and event management, catering to a diverse array of industries including healthcare, automotive, and technology. This dynamic landscape illustrates the evolving opportunities within the attractions and hospitality market, as companies like Pursuit and GES adapt to changing consumer preferences and operational demands.