Viad Corp. (VVI) Acquires Jasper SkyTram

Viad Corp (NYSE: VVI), a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition services, and experiential marketing, today announced that it has entered into an agreement to acquire the Jasper SkyTram attraction in Jasper National Park. Subject to approvals by Parks Canada, we expect the transaction to close in July.

Celebrating 60 years of operation, the Jasper SkyTram is one of the most recognizable attractions within Jasper National Park, one of Canada’s most visited national parks. The experience provides visitors of all ages and abilities the chance to ascend 2,263 meters (8,081 feet) up Whistlers Mountain via tram while taking in 360-degree national park views. The attraction welcomed over 130,000 guests in 2023 with amenities that include an interpretive boardwalk, easy access to hiking trails, and light culinary offerings.

Steve Moster, President and Chief Executive Officer of Viad, said, “We are excited to continue the growth of Pursuit with the addition of the Jasper SkyTram. This attraction is a perfect strategic fit in Pursuit’s Banff Jasper Collection and the only sightseeing aerial ropeway in Jasper National Park. We will benefit from its deep competitive moat, economies of scale and scope, and the strong perennial demand for this iconic destination.”

David Barry, President of Pursuit, added, “Pursuit has a long-standing history delivering exceptional guest experiences throughout the Canadian Rockies, and the Jasper SkyTram will be a great addition to our attractions and hospitality properties in Jasper and Banff. The SkyTram has a terrific team in place led by GM Todd Noble and enjoys one of the most breathtaking views in the Canadian Rockies. Together with this experienced team, we’re excited to plan for the future refresh and renewal of the SkyTram in alignment with Parks Canada and the Jasper community.”

We will pay $25 million Canadian dollars (approximately $18 million U.S. dollars) for the Jasper SkyTram, which represents an adjusted EBITDA buy-in multiple of approximately 7x. The transaction includes a renewable long-term lease with Parks Canada, with nearly 30 years remaining. During 2024, we expect the Jasper SkyTram to add revenue of approximately $4 million, expressed in U.S. dollars, with an adjusted EBITDA margin that is accretive to Pursuit’s overall margin.

For more information about the Jasper SkyTram, visit jasperskytram.com.

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