DALLAS, Nov. 11, 2014 /PRNewswire/ -- Pegasus Electronic Distribution Services ("PEDs" or "the Company"), a leading global technology firm delivering advanced connectivity and distribution solutions to lodging providers and distributors, today announced that it has undergone a recapitalization led by an affiliate of H.I.G. Capital ("H.I.G."), the global private equity firm. This transaction will allow PEDs to further invest in its leading technology service offering and execute on its growth and expansion strategy. The current PEDs senior leadership team will be supplemented by Toni Portmann, a seasoned technology executive and frequent collaborator with H.I.G. Ms. Portmann will act as the full-time Executive Chair of the Board of Directors and Interim CEO until the remainder of the go-forward senior management team is put in place.
Founded in 1989, PEDs is the industry standard electronic distribution network used for facilitating electronic shopping and booking of hotel rooms. With connections to over 100,000 hotels in over 200 countries, PEDs has long term partnerships with the largest global hotel chains, leading Online Travel Agents ("OTA's), and Global Distribution Services ("GDS's). The PEDs platform is highly scalable, processing over 8 billion hotel booking inquiries each month and 45 million hotel bookings annually, representing over $14 billion of hotel revenue.
"This recapitalization comes at an important stage in our growth," said SVP of Sales John Owens. "The need for PEDs to strategically invest in the business to allow for increased customization of connectivity options, deeper and richer content offerings, and a wider array of value added products and services, has never been clearer. Over the past several decades, our customers have recognized the unique value proposition of PEDs' services, however the Company is at a unique inflection point at which it needs to address the changing and growing requirements of its customers. The added resources and expertise that the H.I.G. team brings to bear will help us meet this demand and continue to grow and expand."
Ms. Portmann added, "I am excited to be working with a true pioneer in the lodging electronic distribution sector and am thrilled to join the Company as the Executive Chair of the Board and Interim CEO. I am honored to have this opportunity to work with the Board of Directors, the company's executives, and the broader employee group to facilitate a renewed focus on PEDs' core competencies and drive long-term success for the organization."
H.I.G. also acquired a related Company, Onyx Payment Solutions (formerly known as Pegasus Financial Services), from the same corporate parent in April 2013.
About Pegasus Electronic Distribution
Pegasus Electronic Distribution (PED) is the single largest processor of electronic hotel transactions, delivering advanced and affordable connectivity and distribution solutions to over 100,000 hotels worldwide. PED connects hotels to crucial sources of business, facilitating over 8 billion shopping transactions for its clients a month. In addition to global distribution system (GDS) access and online travel agent connectivity, Pegasus also provides content and business intelligence to the hospitality industry. Pegasus Electronic Distribution is headquartered in Dallas, Texas and has offices in London and Scottsdale. For more information, visit www.pegs.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $17 billion of equity capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.
SOURCE Pegasus Electronic Distribution