Viad Corp Transforms into Pursuit Attractions and Hospitality After GES Sale
- Viad Corp sold the GES business for $535 million, enhancing its financial structure for Pursuit Attractions and Hospitality.
- Pursuit, led by David Barry, focuses on memorable guest experiences with an impressive portfolio of attractions and lodges.
- Pursuit will trade on the NYSE under PRSU starting January 2, 2025, marking a pivotal transformation for Viad.
Viad Corp Transforms into Pursuit Attractions and Hospitality Post-GES Sale
Viad Corp (NYSE: VVI) has successfully completed its strategic divestiture of the Global Experience Specialists (GES) business to Truelink Capital for a total transaction value of $535 million. This sale includes an upfront payment of $510 million, with an additional $25 million to follow one year later. The proceeds from this sale are set to significantly enhance the financial structure of Viad, enabling the company to retire its 2021 Credit Facility and strengthen the balance sheet of its newly formed entity, Pursuit Attractions and Hospitality, Inc. ("Pursuit"). With this transformation, Pursuit aims to carve out a niche in the attractions and hospitality industry, focusing on delivering memorable experiences in iconic destinations.
Under the leadership of newly appointed President and CEO David Barry, Pursuit plans to leverage its position within a market characterized by high barriers to entry and strong consumer demand. The company boasts an impressive portfolio of 14 major attractions and 28 unique lodges spread across the U.S., Canada, and Iceland. Barry highlights the strategic focus on enhancing guest experiences as a core part of Pursuit's mission. The newly rebranded company aims to implement a "Refresh, Build, Buy" growth strategy, which will allow it to expand its offerings while maintaining a strong financial foundation. This approach positions Pursuit for significant growth in the attractions and hospitality sector, particularly as it looks to engage with travelers seeking unique experiences.
As part of this transition, Pursuit is set to begin trading on the New York Stock Exchange under the ticker symbol PRSU starting January 2, 2025. Outgoing President and CEO Steve Moster expresses optimism about this new chapter for the company, acknowledging the contributions of the dedicated team and board during the transformation. The establishment of Pursuit marks a pivotal point for the former Viad Corp, as it seeks to maximize shareholder value while enriching the customer experience in its iconic locations. The anticipated growth trajectory highlights Pursuit's commitment to becoming a leading player in the attractions and hospitality industry.
In addition to the sale of GES, Viad's Board of Directors is undergoing changes with this transition, reflecting the company's renewed focus and strategic direction. The successful completion of the GES sale and the formation of Pursuit underscore a significant shift in Viad's operations, aligning with evolving market dynamics in the hospitality sector. As Pursuit embarks on this journey, it is well-positioned to capitalize on its unique offerings and robust demand from consumers seeking distinctive travel experiences.