New independent director will bring strong
public company, marketing and travel experience to the vacation
rental platform
Vacasa, North America’s leading vacation rental management
platform, has announced that Barbara Messing is expected to join
the company’s board as an independent director upon the successful
completion of its business combination with TPG Pace Solutions
(NYSE: TPGS), a special purpose acquisition company.
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Barbara Messing is expected to join
Vacasa’s board as an independent director upon the successful
completion of its business combination with TPG Pace Solutions.
(Photo: Business Wire)
Messing currently serves as the Chief Marketing & People
Experience Officer at Roblox and as a board member of Overstock,
where she’s helped guide both tech-enabled platforms through
various stages of growth. Formerly, she was SVP & Chief
Marketing Officer at Walmart U.S. and SVP & Chief Marketing
Officer at Tripadvisor.
“As we transition Vacasa to a public company, we’re in the midst
of an incredibly exciting time for our business and Barbara’s
expertise will be an asset to our continued growth,” said Vacasa
CEO Matt Roberts. “Barbara has deep knowledge of the travel
industry, with former roles at both Tripadvisor and Hotwire, and
can support our vision for Vacasa to become a household brand in
the vacation rental category.”
Earlier this month, Vacasa released record-setting third quarter
financial results that far exceeded targets, along with high
confidence that full-year 2022 revenue will finish ahead of initial
projections as the favorable secular tailwinds in the industry
continue to persist.
“I am passionate about the hospitality industry and recognize
the market opportunity ahead for vacation rentals with growing
consumer interest,” said Messing. “I look forward to bringing my
unique perspective and experience in helping companies scale
through technology to Vacasa’s board, and also advising the
management team as they build a global brand in this space.”
Messing plans to join Vacasa’s board as an independent director
upon closing of the company’s transaction with TPG Pace Solutions,
which is expected to be completed by the end of 2021.
About Vacasa
Vacasa is the leading vacation rental management platform in
North America, transforming the vacation rental experience by
integrating purpose-built technology with expert local and national
teams. Homeowners enjoy earning significant incremental income on
one of their most valuable assets, delivered by the company’s
unmatched technology that adjusts rates in real time to maximize
revenue. Guests can relax comfortably in Vacasa’s 35,000+ homes
across more than 400 destinations in North America, Belize and
Costa Rica, knowing that 24/7 support is just a phone call away. In
addition to enabling guests to search, discover and book its
properties on Vacasa.com and the Vacasa Guest App, Vacasa provides
valuable, professionally managed inventory to top channel partners,
including Airbnb, Booking.com and Vrbo. In Summer 2021, Vacasa
entered into an agreement to become a publicly traded company
through a business combination with TPG Pace Solutions (NYSE: TPGS;
“TPGS”), a special purpose acquisition company (“SPAC”). Interested
parties should refer to the definitive proxy statement/prospectus
filed by Vacasa, Inc. with the U.S. Securities and Exchange
Commission for important information regarding TPG Pace Solutions,
Vacasa and the proposed business combination.
For more information, visit https://www.vacasa.com/press.
Additional Information and Where to Find It
This press release is being made in connection with a proposed
business combination involving Vacasa and TPGS. In connection with
the proposed transaction, Vacasa, Inc. (“NewCo”) has filed with the
SEC a registration statement on Form S-4, which has become
effective. TPGS urges investors, shareholders and other
interested persons to read the definitive proxy
statement/prospectus as well as other documents filed with the SEC
because these documents will contain important information about
TPGS, Vacasa, NewCo and the business combination. Shareholders
will be able to obtain a copy of the definitive proxy
statement/prospectus, without charge, by directing a request to:
TPG Pace Solutions, 301 Commerce St., Suite 3300, Fort Worth, TX
76102. The definitive proxy statement/prospectus can also be
obtained without charge at the SEC’s website (www.sec.gov).
Participants in Solicitation
TPGS, NewCo, Vacasa and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of TPGS in connection with the
proposed business combination. Investors and security holders may
obtain more detailed information regarding the names, affiliations
and interests of certain of TPGS’s executive officers and directors
in the solicitation by reading TPGS’s initial public offering
prospectus, which was filed with the SEC on April 9, 2021, and the
definitive proxy statement/prospectus relating to the business
combination, which was filed with the SEC on November 10, 2021, and
other relevant materials filed with the SEC in connection with the
business combination when they become available. Other information
concerning the interests of participants in the solicitation, which
may, in some cases, be different than those of their shareholders
generally, is set forth in the definitive proxy
statement/prospectus relating to the business combination.
Shareholders, potential investors and other interested persons
should read the definitive proxy statement/prospectus carefully
before making any voting or investment decisions. Copies of these
documents may be obtained for free from the sources indicated
above.
Forward-Looking Statements
Certain statements made in this press release are
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, actual results may differ materially from
TPGS’s or Vacasa’s expectations or projections. The following
factors, among others, could cause actual results to differ
materially from those described in these forward-looking
statements: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
definitive agreement for the business combination between TPGS and
Vacasa (the “Business Combination Agreement”); (ii) the ability of
the combined company to meet listing standards following the
transaction and in connection with the consummation thereof; (iii)
the inability to complete the transactions contemplated by the
Business Combination Agreement due to the failure to obtain
approval of the shareholders of TPGS or other reasons; (iv) the
failure to meet the minimum cash requirements of the Business
Combination Agreement due to TPGS shareholders redemptions and one
or more defaults by the investors in the private placement that is
being undertaken in connection with the business combination, and
failing to obtain replacement financing; (v) costs related to the
proposed transaction; (vi) changes in applicable laws or
regulations; (vii) the ability of the combined company to meet its
financial and strategic goals, due to, among other things,
competition, the ability of the combined company to pursue a growth
strategy and manage growth profitability; (viii) the possibility
that the combined company may be adversely affected by other
economic, business, and/or competitive factors; (ix) the continuing
or new effects of the COVID-19 pandemic on TPGS and Vacasa and
their ability to consummate the transaction; and (x) other risks
and uncertainties described herein, as well as those risks and
uncertainties discussed from time to time in other reports and
other public filings with the SEC by TPGS and NewCo.
Additional information concerning these and other factors that
may impact TPGS’s and Vacasa’s expectations and projections can be
found in TPGS’s and NewCo’s periodic filings with the SEC and in
the definitive proxy statement/prospectus. TPGS’s and NewCo’s SEC
filings are available publicly on the SEC's website at
www.sec.gov.
The foregoing list of factors is not exclusive. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Neither TPGS nor
Vacasa undertakes or accepts any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based, subject to applicable law.
No Offer or Solicitation
This press release does not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination. This press release
also does not constitute an offer to sell or the solicitation of an
offer to buy securities, nor will there be any sale of securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
will be made except by means of a prospectus meeting the
requirements of the Securities Act of 1933, as amended, or an
exemption therefrom.
No Assurances
There can be no assurance that the transactions described herein
will be completed, nor can there be any assurance, if such
transactions are completed, that the potential benefits of
combining the companies will be realized. The description of the
transactions contained herein is only a summary and is qualified in
its entirety by reference to the definitive agreements relating to
the transactions, copies of which have been filed as exhibits to
the Current Report on Form 8-K filed by TPGS with the SEC on August
3, 2021.
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version on businesswire.com: https://www.businesswire.com/news/home/20211122006019/en/
Sarah Tatone sarah.tatone@vacasa.com
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