Scottsdale's Viad Corp, a high-end travel outfit known for operating in the luxury space, has decided to divest itself of a major business segment, GES, selling the exhibition services and experiential marketing business to LA's Trulink Capital for a cool $535 million, states a report from ABC15. This move was not made on a whim but was part of a repositioning strategy orchestrated by Viad to focus on its core business
The transaction details announced on December 31, 2024, included a $510 million upfront payment with an additional $25 million due on the anniversary, funds that are earmarked to retire earlier debt accrued by Viad Corp and to potentially fuel further growth within the company, the bulk of which now trades under the fetching new name Pursuit Attractions and Hospitality Inc., as reported by Reuters. The company began trading on the New York Stock Exchange as of Thursday, under its shiny, new ticker symbol "PRSU."
David Barry, previously at the helm of Viad's sole business segment Pursuit, has transitioned fluidly into the CEO role of the newly minted entity following this transaction and he, along with the company's new iteration, appears keenly focused on the lodges and experiences they offer, notably in identities as distinctive as national parks and key urban spaces from Vancouver to Reykjavik to Vegas and beyond.
"We think the sale (of GES) will unlock our high-growth, high-return Pursuit business, allowing it to command a much higher trading multiple as a pure-play attractions and hospitality company that has strong growth prospects around the world," Barry expounded in a chat with Reuters. The winds of fortune are apparently at the sails of the tourism industry post-pandemic, with the sector observing an uptick in people splashing out on travel and related experiences, underscoring perhaps the strategic wisdom behind Viad's recent moves.
The enduring legacies of The Greyhound Corporation and its subsequent transformations including the transition to Dial Corp and then Viad, are narrative proof of the company's adaptive strategies over its storied history. With the rebranding as Pursuit, Viad seems primed to carve deep inroads into the globetrotters' market for the foreseeable future.
