Viad Corp Transforms into Pursuit: A New Era Begins
Viad Corp has officially completed the sale of its GES business, marking a significant milestone as it relaunches as Pursuit, a dedicated attractions and hospitality enterprise. This transition is not just a rebranding; it signals a commitment to creating unforgettable guest experiences across iconic destinations.
Financial Highlights of the GES Sale
The transaction, which was valued at $535 million, included an upfront payment of $510 million, with the remainder to be paid a year later. The proceeds from this sale were crucial in retiring Viad's existing debts and positioning Pursuit for growth through its innovative Refresh, Build, Buy strategy.
New Trading Symbol and Leadership Transition
Pursuit is set to trade on the New York Stock Exchange under the ticker symbol PRSU starting January 2, 2025. This shift comes alongside notable changes in the company’s leadership. David Barry, previously the President of Viad’s Pursuit division, steps up as the new President and CEO of Pursuit to shepherd the company into its next growth phase.
A Grateful Departure
Outgoing President and CEO, Steve Moster, expressed his gratitude towards the team and Board for their commitment to reaching this pivotal juncture. His leadership has been a cornerstone in preparing the company for this transformative phase.
Scaling New Heights with Unique Attractions
Pursuit now boasts a diverse portfolio, comprising 14 high-quality attractions and 28 unique lodges. This assortment of offerings showcases a range of hospitality experiences, integrated with outstanding dining, retail options, and transportation. By expanding in popular national parks and renowned tourist destinations, Pursuit enhances its draw to visitors from around the globe.
Strategic Growth Initiatives
This transition equips Pursuit with a robust balance sheet enabling the company to pursue its goals with a strategic emphasis. The company plans to leverage its resources in several notable ways:
- Resource allocation for a distinct growth model driven by a proven management team.
- Utilization of an improved financial foundation to fuel high-return opportunities through its inventive Refresh, Build, Buy strategy.
- Integration of hospitality experiences designed to unlock cross-selling opportunities, enhancing customer engagement.
- Creation of unique attractions situated in sought-after locales, reinforcing guest experiences, and optimizing overall financial performance.
- Alignment of the business’s direction with investor expectations and broader market trends.
- Opening new avenues for employees as the company continues to evolve within existing and emerging markets.
Board of Director Adjustments
The changes also include adjustments to the Board of Directors, with Barry now holding a seat as President. Several members, including Richard Dozer and Edward Mace, will be stepping down, ensuring the Board maintains a majority of independent directors. Joshua Schechter has been appointed Chairman, with Jill Bright and Beverly K. Carmichael leading the Human Resources Committee and the Corporate Governance and Nominating Committee, respectively.
Acknowledging Service and Leadership
Moster took time to thank the departing board members for their invaluable contributions, emphasizing their roles in guiding the company through significant transformations over the years. Dozer also expressed confidence in the company’s future under Pursuit’s new leadership.
Transition of Preferred Stock
By the end of 2024, Pursuit will convert its 5.5% Convertible Series A Preferred Stock into approximately 6.7 million common shares, expanding the total outstanding common shares to about 28 million. This move is designed to streamline operations and enhance shareholder value.
About Viad and Pursuit
Viad, once a dual-operational company, is now focused entirely on the attractions and hospitality market through Pursuit. With its commitment to delivering extraordinary experiences, Pursuit is well-positioned to capture market opportunities, promising strong growth and substantial returns for its shareholders.
Pursuit is dedicated to creating memorable experiences across its destinations, which include popular sites in the United States, Canada, and Iceland. The company’s diverse offerings and commitment to familiarity and innovation are set to elevate its presence in the tourism and hospitality industry.
About Truelink Capital
Truelink Capital is an esteemed private equity firm focused on middle-market transactions, dedicated to fostering partnerships that generate long-term value. By combining operational strategy with deep industry insights, Truelink aims to accelerate growth and enhance the potential of its portfolio companies.
Frequently Asked Questions
What led to the transformation of Viad Corp into Pursuit?
The sale of its GES business for $535 million allowed Viad Corp to relaunch as Pursuit, focusing solely on attractions and hospitality.
When will Pursuit begin trading under its new ticker?
Pursuit is expected to start trading on the New York Stock Exchange under the symbol PRSU beginning January 2, 2025.
What is Pursuit's strategy for growth?
Pursuit aims to implement a Refresh, Build, Buy strategy to enhance its portfolio and create unique experiences in sought-after locations.
Who is leading the new company?
David Barry has been appointed as the President and CEO of Pursuit as of the completion of the GES sale.
How is Pursuit positioned in the attractions and hospitality market?
Pursuit has established a strong foothold with a diverse array of attractions and lodges, backed by a solid financial foundation to drive future growth.
