Vacasa to Be Publicly Listed Through Combination with TPG Pace Solutions (TPGS)

July 29, 2021 8:07 AM EDT

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Vacasa, the leading vacation rental management platform in North America, has entered into an agreement to become a publicly traded company through a business combination with TPG Pace Solutions, a special purpose acquisition company (“SPAC”). Upon closing of the transaction, the combined company is expected to be publicly traded under the ticker symbol “VCSA.” The transaction implies a pro forma equity value for Vacasa of approximately $4.5 billion and capitalizes the business with approximately $485 million in gross cash proceeds to fund the company’s future growth plans.

“Vacasa is reimagining the vacation rental experience through our end-to-end technology platform. The integration of our purpose-built technology with our local, expert service teams brings exceptional care and greater returns to our homeowners, delivers a consistent and reliable experience to our guests, and helps us offer a large supply of professionally managed homes for our distribution partners,” said Matt Roberts, CEO of Vacasa. “As more second homeowners share their homes with guests for the first time, and travelers increasingly prefer to stay at vacation rentals, we believe our partnership with TPG Pace Solutions will help accelerate our growth and the enhancement of our technology offerings for homeowners and guests.”

TPG Pace Group, the dedicated permanent capital platform for TPG, brings deep experience and a proven track record of identifying markets at inflection points and supporting companies well-positioned to leverage structural market changes. To date, TPG Pace Group has sponsored seven special purpose acquisition companies.

“Vacasa has established a strong strategic position in a large, fragmented market, providing the company with powerful tailwinds for growth,” said Karl Peterson, Non-Executive Chairman and Director of TPG Pace Solutions, and Managing Partner of TPG Pace Group. “TPG has a long history of supporting high-growth companies, including consumer internet marketplaces, and new economy travel and leisure businesses. Leveraging our extensive public market experience, we believe our partnership will further solidify Vacasa as a scaled hospitality brand in vacation rentals. We’re excited to work with Matt and the entire Vacasa team as we transition the company to the public equity marketplace.”

“The team at Vacasa has shown an ability to drive rapid growth by transforming the vacation rental experience,” said Joerg Adams, Managing Director at Silver Lake, and a member of Vacasa’s Board of Directors. “We believe the company’s differentiating investments in technology and automation will further improve efficiency and enhance the experience of both vacation homeowners and guests.”

In 2021, Vacasa estimates its gross booking value to be approximately $1.6 billion on five million nights sold. The company forecasts a revenue CAGR of 31% from 2021 to 2023, with revenue growing from $757 million in 2021 to $1.3 billion by 2023.

Upon closing of the business combination, Karl Peterson will join the Vacasa Board of Directors.

Transaction Overview

The transaction implies a pro forma equity value for Vacasa of approximately $4.5 billion.

The transaction, approved by the board of directors of TPG Pace Solutions, is expected to be completed as soon as practicable, subject to approval by the shareholders of TPG Pace Solutions, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the “SEC”) in connection with the transaction, and other customary closing conditions.


J.P. Morgan Securities LLC acted as lead financial advisor to Vacasa. PJT Partners LP also acted as financial advisor to Vacasa.

Deutsche Bank Securities Inc. and TPG Capital BD, LLC acted as financial advisor to TPG Pace Solutions.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and TPG Capital BD, LLC, acted as capital markets advisors and PIPE placement agents to TPG Pace Solutions.

BTIG, LLC, JMP Securities LLC, Needham & Company, LLC, Oppenheimer & Co. Inc., and Northland Securities Inc. also acted as capital market advisors to TPG Pace Solutions.

Latham & Watkins LLP acted as the legal advisor to Vacasa, and Weil, Gotshal & Manges LLP acted as the legal advisor to TPG Pace Solutions.

Mayer Brown LLP acted as the legal advisor to Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC.

Investor Presentation

Investors may listen to the NetRoadshow regarding the proposed business combination beginning on July 29, 2021, at 8 a.m. EDT. The NetRoadshow presentation can be accessed by visiting Vacasa’s website at and/or TPG Pace Solutions’ website at

An investor presentation is available on the websites of Vacasa and TPG Pace Solutions or alternatively as an exhibit to a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission and available on the SEC website at

About Vacasa

Vacasa is the leading vacation rental management platform in North America, transforming the vacation rental experience from inefficient and inconsistent, to reliable and technology-forward. Vacasa’s integrated technology and operations helps optimize vacation home care and income for homeowners, offers guests a seamless and consistent stay, and provides distribution partners with highly valuable vacation rental supply. The Company’s marketplace enables guests to search, discover and book properties on and the Vacasa Guest App, as well as 100+ channel partners, including Airbnb, and Vrbo.

Vacasa helps homeowners drive significant incremental income on one of their most valuable assets and turn their vacation homes into high-performing vacation rentals. Guests staying in Vacasa-listed properties in over 400 destinations across North America, Belize and Costa Rica, benefit from the peace of mind that their experience will meet high standards of safety, cleanliness, comfort and support.

For more information, visit

About TPG

TPG is a leading global alternative asset firm founded in 1992 with $96 billion of assets under management and offices in Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington D.C. TPG's investment platforms are across a wide range of asset classes, including private equity, growth equity, impact investing, real estate, secondaries, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit or @TPG on Twitter.

About TPG Pace Group and TPG Pace Solutions

TPG Pace Group is TPG’s dedicated permanent capital platform. TPG Pace Group has a long-term, patient and highly flexible investor base, allowing it to seek compelling opportunities that will thrive in the public markets. TPG Pace Group has sponsored seven SPACs and raised more than $4.4 billion since 2015.

TPG Pace Solutions is a publicly listed (NYSE: TPGS) special purpose acquisition company, which raised approximately $285 million in order to seek an acquisition with a company in an industry that complements the experience and expertise of the TPG management team and TPG. For more information, visit

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