Vacation rental platform based in Portland, Oregon Wakasa Is on the market.
company Announce On Thursday, it will merge with TPG Pace Solutions this fall in a SPAC transaction that valued Vacasa at $4.5 billion.
Founded in 2009, Vacasa manages more than 30,000 vacation homes in 34 U.S. states and four other countries, and claims to be the leading full-service vacation rental management company in North America.
The company forecasts revenue this year of 757 million U.S. dollars, higher than 2020’s 492 million U.S. dollars, and will grow to 1.3 billion U.S. dollars in 2023. It expects total bookings in 2021 to be 1.6 billion U.S. dollars, higher than 2020’s 935 million U.S. dollars. Investor introduction It was revealed that Vacasa is not yet profitable. Last year’s adjusted net loss was 35 million U.S. dollars, which was lower than the previous year’s 66.4 million U.S. dollars. It estimates a net loss of $49 million this year.
Vacasa is using technology to disrupt the hotel industry, similar to companies such as Airbnb, which went public in December and Vrbo was acquired by Expedia for US$3.9 billion in 2015.
But this is not just a market-it can also help homeowners manage the entire booking process from start to finish. Vacasa employs thousands of employees in its market to take on field “field-based roles”-butlers, booking agents, local managers, etc.
Vacasa competes with Airbnb and Expedia’s Vrbo in some ways, but also manages listings on these platforms.
Travel companies have been affected by the pandemic in various ways, But the vacation rental market is booming.
This SPAC transaction will inject $485 million into Vacasa. The company has raised $634.5 million so far, including a $108 million cash injection led by Silver Lake in June 2020, Silver Lake is a top technology investment company in Silicon Valley. The company also recently acquired a large number of shares in Expedia and Expedia. AirbnbAfter the merger, Vacasa’s existing investors will retain 88% of the company’s shares.
The company ranks second in the GeekWire 200, which is our ranking of the top startups in the Pacific Northwest. It will be traded under the stock code VCSA.Chief Executive Officer of Wakasa Matt Roberts, He took over as the founder of Vacasa in February 2020 Eric Bryan, Will continue to lead Vacasa.
TPG Pace Solutions is a SPAC established by TPG, a global investment company that has sponsored seven SPACs through its TPG Pace Group platform. TPG is an early investor in Uber and Airbnb.