Viad to change name after selling GES Business to Truelink Capital for $535M

Viad (VVI) has entered into a definitive agreement to sell its GES business to Truelink Capital for $535M. The transaction is expected to close by the end of 2024, subject to regulatory approvals and customary closing conditions. The transaction separates GES, a global exhibition services and experiential marketing business, from Viad’s Pursuit attractions and hospitality business. GES and Pursuit will continue to operate under Viad until the transaction closes, allowing management and Truelink to deliver a transition of GES to a standalone entity within Truelink’s portfolio. Upon completion of the sale of GES, Viad intends to change its corporate name and relaunch as Pursuit and change its NYSE common stock ticker symbol to PRSU. Pursuit is an attractions and hospitality company that owns and operates a collection of experiences in destinations in the U.S., Canada, and Iceland. During 2023, Pursuit delivered revenue of $350M with an Adjusted EBITDA margin of 26.4%. David Barry, President of Pursuit since 2015, will serve as CEO and President of Pursuit as a standalone publicly traded company following closing of the GES transaction. At that time, Steve Moster, Viad’s current President and CEO, will transition into an advisory role. Cash proceeds from the transaction will be used to retire Viad’s 2021 Credit Facility, which comprises a Term Loan B with $317M outstanding, and a $170M revolving credit facility and to accelerate Pursuit’s growth through its Refresh, Build, Buy strategy. Of the total cash consideration, $25M will be deferred for one year following the transaction closing date and is contingent only on the passage of time.