Viad Corp, a leading global provider of extraordinary experiences, has announced a transformative sale of its GES business to Truelink Capital for $535 million. This strategic move will allow Viad to change its corporate name to Pursuit, reflecting its singular focus on delivering unforgettable experiences in iconic destinations.
Pursuit, as an attractions and hospitality company, has seen significant demand and achieved remarkable results. In 2023, Pursuit welcomed 3.5 million visitors across its attractions, with lodging guests occupying nearly 420,000 room nights and delivering revenue of $350 million with an adjusted EBITDA margin of 26.4%.
Under the leadership of David Barry, President of Pursuit since 2015, the company has grown revenue at a 15% compound annual growth rate through disciplined revenue management and operational improvements, and high-return growth investments. Pursuit has completed 13 major refresh, build, buy growth projects over the last 10 years, collectively contributing about $74 million of adjusted EBITDA in 2023.
Upon closing of the GES transaction, Pursuit will have a strong balance sheet to execute its growth strategy. Cash proceeds from the transaction will be used to retire Viad’s 2021 credit facility and to accelerate Pursuit’s growth through its refresh, build, buy strategy.
Following the sale of GES, Pursuit will be led by David Barry as CEO and President, with Steve Moster, Viad’s current President and CEO, transitioning into an advisory role. This transformative transaction positions Pursuit to reset its capital structure and significantly bolster its financial flexibility to accelerate growth and deliver greater long-term value to shareholders. The market has reacted to these announcements by moving the company's shares 16.3% to a price of $41.62. Check out the company's full 8-K submission here.