Vacasa To Go Public Through SPAC Deal With TPG Pace Solutions

Vacation rental management platform Vacasa is going public as part of a deal with special purpose acquisition company (SPAC) TPG Pace Solutions, according to an announcement.

The combined company will be traded under the ticker symbol “VCSA” when the acquisition is complete.

The transaction provides Vacasa with an implied pro forma equity value of about $4.5 billion and capitalizes the business with about $485 million in gross cash proceeds to put toward future growth.

“Vacasa is reimagining the vacation rental experience through our end-to-end technology platform,” said Vacasa CEO Matt Roberts in the announcement Thursday (July 29). “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.”

“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,” he said.

Vacasa completed its acquisition of Turnkey Vacation Rentals, a vacation rental-property manager in more than 80 markets across the U.S., in April. Roberts said the combined companies’ technology will “optimize the vacation rental experience.”

According to the release, “when fully integrated, Vacasa will manage approximately 30,000 vacation homes throughout North America, Belize and Costa Rica.” Turnkey is bringing in 6,000 of those vacation rentals.

With that acquisition, Vacasa employs 6,500 people across the markets it serves. The rental management company said it would have “central support offices” located in Portland; Boise, Idaho; Ft. Walton Beach, Florida; and Austin, Texas.

TPG Pace Group, the dedicated permanent capital platform for TPG, has sponsored seven special purpose acquisition companies.

Upon closing of the SPAC deal, TPG Pace Group managing partner Karl Peterson will join the Vacasa board of directors.