PHOENIX, March 14, 2016 /PRNewswire/ -- Viad Corp (NYSE: VVI) today announced that it acquired CIRI Alaska Tourism Corporation ("CATC"), which consists of integrated tourism assets, including a world-class marine sightseeing tour operation and three top-tier lodging assets based in Alaska. The addition of CATC to Viad's existing Alaska Denali Travel business positions Viad as one of the largest Alaska-based travel and tourism providers, offering once-in-a-lifetime experiences to visitors through a unique combination of land and marine sightseeing tours, accommodations and travel-planning services from Seward and Kenai Fjords National Park up to Talkeetna and into Denali National Park.
Steve Moster, Viad's president and chief executive officer, said, "We are excited to add CATC's high-quality operations to our portfolio of experiential tourism businesses. This acquisition, our second of 2016, is a natural fit with our existing operations and represents continued progress against our Refresh, Build, Buy strategy to add scale to our Travel & Recreation Group through the addition of iconic and high-margin assets. The addition of CATC to our Alaska Denali Travel business provides cross-selling opportunities and operational synergies in a geography and service lines that we know well."
CATC's award-winning operations include:
- Kenai Fjords Tours – spectacular wildlife and glacier boat tours in Kenai Fjords National Park
- Talkeetna Alaskan Lodge – a 212 room iconic lodge in the historic community of Talkeetna with unobstructed panoramic views of Denali and the Alaska Range
- Seward Windsong Lodge – a collection of lodges featuring 180 rooms situated on the banks of the Resurrection River, eight miles from the entrance to Kenai Fjords National Park
- Kenai Fjords Wilderness Lodge – 8 cabins located on Fox Island, which is in the protected waters of Resurrection Bay and accessible by boat from the town of Seward
- Alaska Heritage Tours – a package tour business that combines CATC products with partner companies to create custom Alaskan vacations
"The opportunity to grow our presence within Alaska is truly exciting," said David Barry, president of Viad's Travel & Recreation Group. "We strive to connect travelers in a meaningful way to genuine experiences. CATC's strong team, amazing experiences and exceptional guest service will only further our ability to create unforgettable adventures in one of the most unique places in the world."
The acquisition closed on March 11, 2016, was within Viad's stated target valuation range and is expected to be accretive to 2016 earnings.
Viad (NYSE: VVI) generates revenue and shareholder value through two distinct business groups: the Marketing & Events Group (GES) and the Travel & Recreation Group (T&R). GES is a global, full-service live events company offering a comprehensive range of services to the world's leading brands and event organizers. T&R is a collection of iconic destination travel experiences that showcase the best of Banff and Jasper National Parks, Glacier National Park, Denali and Kenai Fjords National Parks. Viad is an S&P SmallCap 600 company. For more information, visit the company's Web site at www.viad.com.
As provided by the safe harbor provision under the Private Securities Litigation Reform Act of 1995, Viad cautions readers that, in addition to historical information contained herein, this press release includes certain information, assumptions and discussions that may constitute forward-looking statements. These forward-looking statements are not historical facts, but reflect current estimates, projections, expectations, or trends concerning future growth, operating cash flows, availability of short-term borrowings, consumer demand, new or renewal business, investment policies, productivity improvements, ongoing cost reduction efforts, efficiency, competitiveness, legal expenses, tax rates and other tax matters, foreign exchange rates, and the realization of restructuring cost savings. Actual results could differ materially from those discussed in the forward-looking statements. Viad's businesses can be affected by a host of risks and uncertainties. Among other things, natural disasters, gains and losses of customers, consumer demand patterns, labor relations, purchasing decisions related to customer demand for exhibition and event services, existing and new competition, industry alliances, consolidation and growth patterns within the industries in which Viad competes, acquisitions, capital allocations, adverse developments in liabilities associated with discontinued operations and any deterioration in the economy, may individually or in combination impact future results. In addition to factors mentioned elsewhere, economic, competitive, governmental, technological, capital marketplace and other factors, including terrorist activities or war, a pandemic health crisis and international conditions, could affect the forward-looking statements in this press release. Additional information concerning business and other risk factors that could cause actual results to materially differ from those in the forward-looking statements can be found in Viad's annual and quarterly reports filed with the Securities and Exchange Commission.
Information about Viad Corp obtained from sources other than the company may be out-of-date or incorrect. Please rely only on company press releases, SEC filings and other information provided by the company, keeping in mind that forward-looking statements speak only as of the date made. Viad undertakes no obligation to update any forward-looking statements, including prior forward-looking statements, to reflect events or circumstances arising after the date as of which the forward-looking statements were made.
Carrie J. Long
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SOURCE Viad Corp