Wikipedia

Viad

(Redirected from Viad Corporation)

Viad Corp. provides experiential leisure travel and face-to-face events in the United States, Canada, the United Kingdom, Europe, Iceland, and the United Arab Emirates via two divisions: GES and Pursuit.

Viad Corp.
FormerlyThe Dial Corp
Company typePublic
Founded1926; 98 years ago (1926) (as Motor Transit Corporation)
1930 (as The Greyhound Corporation)
1990; 34 years ago (1990) (as Greyhound Dial Corporation)
1991; 33 years ago (1991) (as The Dial Corp)
1996 (as Viad Corp)
FoundersEric Wickman
Orville Caesar
Headquarters
Scottsdale, Arizona
,
United States
Area served
United States, Canada, United Kingdom, United Arab Emirates, Iceland
Key people
  • Richard H. Dozer (chairman)
  • Steve W. Moster (president and CEO)
RevenueDecrease $415 million (2020)
Decrease -$374 million (2020)
Total assetsDecrease $853 million (2020)
Total equityDecrease $95 million (2020)
Websitewww.viad.com
Footnotes / references
[1]

Pursuit (formed in 2017) includes travel attractions and hotels in and around Banff, Denali, Glacier, Jasper, Kenai Fjords, and Waterton Lakes National Parks in Canada and the United States. Properties that Pursuit operates under its Glacier Park Collection include Grouse Mountain Lodge in Whitefish, Glacier Park Lodge in East Glacier, St. Mary Lodge and Resort in St. Mary, Stewart Hotel near Lake McDonald Lodge, Prince of Wales Hotel in Waterton, Alberta. Pursuit's Alaska Collection includes Denali Backcountry Lodge, Denali Backcountry Adventure, Denali Cabins, Talkeetna Alaskan Lodge, Seward Windsong Lodge, Kenai Fjords Wilderness Lodge, Kenai Fjords Tours.[1][2]

GES partners with show organizers, exhibitors, and brand marketers to create face-to-face events. The company handles design and production, material handling, rigging, electrical, and other on-site event services.[1]

The company evolved from The Greyhound Corporation, which established Greyhound Lines and later became a diversified conglomerate between the 1960s and the 1990s.

History

edit

Viad Corp was founded in 1926 as Motor Transit Corporation after intercity bus operators Eric Wickman and Orville Caesar joined forces and consolidated several bus operations. By 1930, more than 100 bus lines had been consolidated and recognizing the need for a more memorable name, the company was renamed The Greyhound Corporation. The Greyhound name had its origins in the inaugural run of a bus route from Superior, Wisconsin, to Wausau, Wisconsin. While passing through a small town, Ed Stone, the route's operator, saw the reflection of his bus in a store window. The reflection reminded him of a greyhound and he adopted that name for that segment of the Blue Goose Lines. The Greyhound name became popular, and was applied to the entire bus network as well as the parent company.[3]

Wickman retired as president of Greyhound in 1946 and was succeeded by Caesar. Wickman died at the age of 66 in 1954.[4] Caesar died on May 19, 1965, a day before his 75th birthday.

In 1954, Greyhound established Greyhound Financial Corporation, the captive finance operation of the bus line. During the 1960s, Greyhound began its transformation into a conglomerate by diversifying into other industries: financial services (Travelers Express); food and consumer products (Armour and Company); food service (Prophet Company); restaurants (Horne's); airport services (Aircraft Services International); and ocean cruises (Premier Cruise Line). Greyhound acquired Glacier Park, Inc. in 1981.[5]

Greyhound exited the transportation industry with the sale of Greyhound Lines in 1987. By then, The Dial Corporation (formerly, Armour-Dial, Inc., established in 1967 as a subsidiary of Armour and Company) was its largest subsidiary. Greyhound was renamed Greyhound Dial Corporation in 1990[6] and as The Dial Corp[7] the following year. After the renaming, the Dial consumer business became known as The Dial Corp Consumer Products Group.

The company exited the financial services industry in 1992 with the sale of GFC Financial Corporation (including Greyhound Financial Corporation, Greyhound European Financial Group and Verex Corporation).

In 1995, GFC Financial Corporation changed its name to The FINOVA Group, Inc. and Greyhound Financial Corporation to FINOVA Capital Corporation.[8] The FINOVA Group filed for bankruptcy in 2001 and was dissolved in 2009.[9][10]

In 1996, the company announced the splitting of its businesses into two entities.[11] The Dial consumer products business was spun-off as the new Dial Corporation.

After the split, the company was renamed Viad Corp and consisted of companies involved in airline catering (Dobbs International Service); airplane fueling and ground handling (Aircraft Service International); convention and exhibit services (GES Exposition Services and Exhibitgroup/Giltspur); concession operations (Glacier Park, Inc.); contract food services (Restaura, Inc.); ocean cruises (Premier Cruise Lines); airport and cruise ship duty-free concessions (Greyhound Leisure Services); travel services (Brewster Transport, Jetsave, and Crystal Holidays); and payment services (Travelers Express).

By early 21st century, most of the businesses were sold except for Travelers Express, Glacier Park, GES Exposition Services, and Exhibitgroup/Giltspur.

In 2003, Viad began the process of engineering a reverse tax-free spinoff of Travelers Express. Thus, a new subsidiary was formed, MoneyGram International, Inc., which early in 2004 received the payment services business and its stock was distributed to Viad stockholders. Viad then conducted a one-for-four reverse stock split.

Between 1981 and 2013, Glacier Park Inc. was also the concessionaire for Lake McDonald Lodge, Apgar Village Inn, Rising Sun Auto Camp, Swiftcurrent Inn, Many Glacier Hotel, Two Medicine Store, and the Red Jammers within Glacier National Park. The National Park Service awarded this concession to Xanterra Parks and Resorts starting in 2014.[12]

In 2010, the company established GES (Global Experience Specialists, Inc., formerly GES Exposition Services, Inc.) by merging GES Exposition Services, Inc., Exhibitgroup/Giltspur, and Becker Group.[13]

In 2012, Pursuit acquired the 162-room Banff International Hotel. Pursuit also operates other Banff and Jasper area attractions under the Brewster Travel Canada brand, including Banff's 133-room Mount Royal Hotel, Jasper National Park's 32-room Glacier View Lodge, Banff Lake Cruises and the Banff Gondola.[14]

In 2017, the company established its Pursuit division and acquired FlyOver Canada, a 60-seat flight simulation experience in Canada Place, Vancouver, British Columbia which features various Canadian landmarks.[15][16][17][18][19] Pursuit acquired the Golden Skybridge attraction in 2021[20], Glacier Raft Company (and related lodging, land, and other assets) in 2022[21] and Jasper SkyTram in 2024[22][23].

On October 21, 2024, Truelink Capital entered into a definitive agreement to acquire GES. The transaction is expected to close by the end of the year, subject to customary closing conditions.[24] After the close of the transaction, Viad intends to change its corporate name to Pursuit Attractions and Hospitality (NYSE: PRSU).[25][26]

References

edit
  1. ^ a b c "Viad Corp 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Pursuit announces new leader for Alaska Collection". Alaska Business. Alaska Business.
  3. ^ Sunnucks, Mike (November 2, 2015). "Evolution changes Greyhoud from Dial to Viad". American City Business Journals.
  4. ^ "Carl Wickman, Greyhound Bus Founder, Dead". Chicago Tribune. February 6, 1954 – via Newspapers.com.
  5. ^ "Greyhound in Glacier Park". The New York Times. March 27, 1981. ISSN 0362-4331. Retrieved July 5, 2024.
  6. ^ "A New Name: Greyhound Dial". The New York Times. February 28, 1990. Retrieved March 6, 2018.
  7. ^ "Greyhound Dial Is Now Dial Corp". The New York Times. March 6, 1991. Retrieved March 6, 2018.
  8. ^ "GFC Financial Corporation adopts new name; GFC Financial changes name to The FINOVA Group Inc". BusinessWire. January 25, 1995. Retrieved March 20, 2018.
  9. ^ "FINOVA Group files for bankruptcy protection". The New York Times. March 8, 2001. Retrieved April 24, 2018.
  10. ^ "The FINOVA Group, Inc. announces dissolution". Business Wire. November 18, 2009. Retrieved April 24, 2018.
  11. ^ "Dial Corp. splits into two companies: Dial Corp. said it..." Chicago Tribune. Chicago Tribune. Retrieved October 17, 2017.
  12. ^ Cederberg, Jenna (August 14, 2013). "Glacier Park Inc. shocked by loss of contract". Missoulian. Missoulian.
  13. ^ "Viad Corp changes name of Vegas-based convention business". Las Vegas Sun. February 2, 2010. Retrieved April 28, 2018.
  14. ^ King, Danny. "Viad acquires Banff hotel". Travel Weekly. Travel Weekly. Retrieved October 19, 2017.
  15. ^ "Vancouver's FlyOver Canada sold to American Viad Corp". blooloop.
  16. ^ Chan, Kenneth. "FlyOver Canada sold to Phoenix-based travel group ahead of global expansion". Daily Hive Vancouver.
  17. ^ "Viad Corp Schedules Third Quarter 2017 Earnings Call". KTEN.com.
  18. ^ Katz, Daniel (March 8, 2017). "Brewster attractions rebrand under 'Pursuit' name". Brewster attractions rebrand under ‘Pursuit’ name. Bow Valley Crag and Canyon.
  19. ^ "Viad Corp announces new Pursuit brand". Pax News West. March 1, 2017.
  20. ^ "VIAD CORP EXPANDS PURSUIT'S COLLECTION OF EXPERIENCES WITH ACQUISITION OF NEW ATTRACTION IN CANADIAN ROCKIES". Viad Corp. March 22, 2021. Retrieved September 6, 2024.
  21. ^ "VIAD CORP TO EXPAND PURSUIT'S GLACIER PARK COLLECTION WITH ACQUISITION". Viad Corp. March 24, 2022. Retrieved September 6, 2024.
  22. ^ "Competitors cry monopoly as American company buys more Banff, Jasper attractions". Calgary. September 6, 2024. Retrieved September 7, 2024.
  23. ^ "Viad Corp to Expand Pursuit's Collection of Attractions With Acquisition of Jasper SkyTram". Viad Corp. June 26, 2024. Retrieved September 6, 2024.
  24. ^ "Truelink Capital Signs Deal to Acquire GES from Viad Corp". PR Newswire. October 21, 2024. Retrieved December 2, 2024.
  25. ^ Sumemrville, Abigail (October 21, 2024). "Travel and lodging firm Viad to sell events unit for $535 million". Reuters. Retrieved December 19, 2024.
  26. ^ "Viad Corp to Transform Into Pure-Play Attractions and Hospitality Leader Through Sale of GES Business to Truelink Capital for $535 Million". Business Wire. October 21, 2024. Retrieved December 19, 2024.
edit
Retrieved from "https://en.wiki.x.io/w/index.php?title=Viad&oldid=1263938295"