Blog Coverage Viad Lines up Another Exciting Customer Experience with the Acquisition of Flyover Canada Attraction
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LONDON, UK / ACCESSWIRE / January 3, 2017 / Active Wall St. blog coverage looks at the headline from Viad Corp. (VVI) as the Company announced on December 29, 2016, the acquisition of Flyover Canada Business. The new business will be added to the portfolio of Viad's Travel & Recreation Group. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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It is estimated that the all-cash deal is valued around US$50.6 million (Canadian $68.8 million). The acquisition includes the limited retail and food and beverage revenues associated with this business. However, the exact financial details were not shared by the Company. The deal closed on December 29, 2016 and is subject to certain adjustments. The acquisition is within Viad's stated target valuation range and has a projected IRR (Internal rate of return) of more than 15%. The attraction expects over 575,000 visitors in the current year and is set to generate revenues of over $11 million for 2016.
Viad operates two business groups: Marketing and Events Group and Travel and Recreation Group. The Marketing and Events Group handles live events like exhibitions, congresses, and conferences, corporate and consumer events, exhibits etc. The Travel and Recreation Group is divided into four verticals of business: Hospitality, Attractions, Package Tours, and Transportation. The Travel & Recreation Group offers its customers an opportunity to enjoy unforgettable travel experiences that cover National Parks, including Banff, Jasper, Waterton Lakes, Glacier, Denali and Kenai Fjords, and unique collection of hotels and lodges.
The Unique Attraction
The Flyover Canada Theatre opened in June 2013 and is located at Canada Place, Vancouver, Canada. Its location is at a major tourist foot fall area i.e. the Port of Vancouver's cruise ship terminal and Vancouver Convention Centre. Flyover Canada is a premier tourist attraction that provides a virtual flight ride experience that showcases some of Canada's most awe-inspiring scenery from coast to coast. The visitors can look forward to a state-of-the-art multi-sensory and realistic virtual flying experience that combines motion seating, spectacular media, and special effects, including wind, scents and mist.
Commenting on the acquisition Steve Moster, Viad's President and CEO said:
"This acquisition extends our geographic reach into the robust Vancouver tourism market, which has over 9 million overnight visitors, and provides a new platform to accelerate growth and enhance profitability."
Recent strategic moves by Viad
In March 2016, Viad had announced that the company would streamline its corporate efforts to support a dynamic growth plan. The Company had lined up a robust acquisition pipeline for creating opportunities to capture greater market share and generate higher margins.
The acquisition of Flyover Canada is Viad Travel and Recreation Group's third strategic acquisition in 2016. Viad had started off the year 2016 with the acquisition of Maligne Lake Cruise at Jasper National Park in January 2016 followed by the acquisition of CIRI Alaska Tourism Corporation in March 2016.
Viad's Marketing and Events Group also made a strategic acquisition by acquiring ON Event Services, LLC, a leading provider of audio-visual production services for live events in August 2016.
In a disastrous development with Viad, on December 30, 2016, its 135-room Mount Royal Hotel in downtown Banff, Canada suffered severe damages and had to be shut down. Luckily there were no human causalities and all hotel guests and staff member were evacuated safely. The Hotel which will remain shut down until further notice, is owned and operated by Viad's Travel and Recreation Group, contributed approximately 4% to the Company's revenues for the year 2016.
Stock Performance
Last Friday, the stock closed the trading session at $44.10, slightly up 0.34% from its previous closing price of $43.95. A total volume of 75.64 thousand shares have exchanged hands. Viad's stock price rallied 19.87% in the past three months, 44.60% in the last six months, and 58.03% in the previous twelve months. Furthermore, since the start of the year, shares of the company have skyrocketed 58.03%. The stock is trading at a PE ratio of 19.32 and has a dividend yield of 0.91%.
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