The Scottsdale-based luxury travel and events company has appointed a new management team and rebranded after selling a major division of its business.
On Dec. 31, Beard sold its GES exhibition services and experiential marketing business to Los Angeles-based private equity firm TrueLink Capital for $535 million, according to a regulatory filing.
TrueLink Capital has agreed to pay $510 million upon closing and a separate $25 million payment due within one year. Viad Corp. plans to use the cash from this transaction to retire its credit facility in 2021 and use the remainder to accelerate the company’s growth. Viad Corp. entered into an agreement with Trulink Capital in October to sell its GES business.
Following the transaction, Viad Corp. rebranded as Pursuit Attractions and Hospitality Inc. and now operates as an independent, publicly traded attractions and hospitality company, starting January 2nd on the New York Stock Exchange under the new ticker Viad Corp. Trading began under the symbol “PRSU”. ”
Read more about this article from Business Journal.
