Latest news with #Vacasa
Business Wire
01-05-2025
- Business
- Business Wire
Casago Completes Acquisition of Vacasa
PHOENIX & PORTLAND, Ore.--(BUSINESS WIRE)-- Casago, a premier vacation rental property management company, today announced the completion of its acquisition of Vacasa, Inc. ('Vacasa'), a leading vacation rental management platform in North America. The transaction, a watershed moment for the U.S. vacation rental industry, combines the strengths of both companies to create an industry-leading brand managing over 40,000 properties across North America, Belize, Costa Rica and the Caribbean. Casago brings 25 years of experience delivering owner- and guest-focused management through its locally rooted model. Casago founder and CEO Steve Schwab, who will lead the combined entity, commented, 'Today marks an exciting new chapter as Casago and Vacasa come together. Our vision is clear: to build the most trusted brand in vacation rental management — one relationship at a time. By combining our strengths, we will create new opportunities for our homeowners, guests, partners, and teammates, while staying true to the values that have made Casago who we are.' Schwab continued, 'This isn't just the joining together of two companies, it's a commitment to service, to hospitality, and to delivering a better way of caring for a second home.' In addition, Roofstock, a leading proptech platform, invested in the transaction and has become a partner in Casago, seeking to leverage its decade of experience using technology to enhance property management capabilities, customer experience and liquidity for residential property investors. Roofstock brings deep real estate expertise through its service offerings and software solutions, including helping more than 300,000 property owners with nearly 1 million units optimize the performance of their rental properties. With the completion of the acquisition, Vacasa's common stock has ceased trading and is no longer publicly listed on the Nasdaq. Representation Jefferies LLC served as financial advisor and Skadden, Arps, Meagher & Flom LLP served as legal advisor to Casago in connection with the transaction. PJT Partners served as financial advisor and Vinson & Elkins LLP served as legal advisor to the Special Committee of the Vacasa Board of Directors. Latham & Watkins LLP served as legal advisor to Vacasa. About Casago Casago is a premier vacation rental management company, overseeing nearly 5,000 properties across 72 cities in the United States, Mexico, Costa Rica, and the Caribbean. Founded in 2001 by former Army Ranger Steve Schwab, Casago has earned a reputation for delivering exceptional guest experiences and reliable property management services. With a customer-centric approach, the company empowers local teams to provide personalized, responsive support for both homeowners and guests. Casago's commitment to quality is reflected in its industry recognition: it is the only property management company of its scale to be rated in the Top 1% by Comparent. Additionally, nearly 95% of U.S.-based local operating partners are Airbnb Superhosts, VRBO Premier Partners, or both. About Vacasa Vacasa is a 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 is designed to adjust rates in real time to maximize revenue. Guests can relax comfortably in thousands of Vacasa homes in hundreds of destinations across the United States, and in Belize, Canada, Costa Rica, and Mexico, knowing that 24/7 support is just a phone call away. In addition to enabling guests to search, discover and book its properties on and the Vacasa Guest App, Vacasa provides valuable, professionally managed inventory to top channel partners, including Airbnb, and Vrbo. About Roofstock Roofstock's mission is to power the residential investment ecosystem for the benefit of all. The company's award-winning, tech-enabled end-to-end platform helps investors buy, sell and manage single-family rental properties in over 40 markets around the U.S. Founded in 2015, Roofstock is backed by a blue-chip roster of investors including Khosla Ventures, Bain Capital Ventures, QED, Lightspeed Venture Partners, Canvas Ventures, Invesco and SoftBank Vision Fund 2. Roofstock has facilitated more than $9 billion in buy and sell-side transactions on its platform to date, manages 20,000 rental homes through its Mynd affiliate, and provides asset management software for over 300,000 landlords owning nearly 1 million units through its affiliate Stessa.
Business Wire
29-04-2025
- Business
- Business Wire
Vacasa Stockholders Approve Merger with Casago
PORTLAND, Ore.--(BUSINESS WIRE)--Vacasa, Inc. (Nasdaq: VCSA) ('Vacasa' or the 'Company'), a leading vacation rental management platform in North America, today announced that its stockholders have approved the proposed merger with Casago (the 'Merger'). On April 29, 2025, Vacasa held a special meeting of the Company's stockholders (the 'Special Meeting') to vote on a proposal (the 'Merger Agreement Proposal') to adopt the Agreement and Plan of Merger, dated as of December 30, 2024, as amended by Amendment No. 1 thereto, dated as of March 17, 2025, and by Amendment No. 2 thereto, dated as of March 28, 2025. At the Special Meeting, approximately 69% of the Company's Class A common stock, 96% of the Company's Class B common stock and 72% of the Company's Class A common stock and Class B common stock, voting together as a single class, voted in favor of the Merger Agreement Proposal. The Company expects closing of the Merger to occur at 11:59 pm ET on April 30, 2025, subject to the satisfaction or waiver of the remaining closing conditions. A final report on the results of the Special Meeting will be made on a Form 8-K to be filed with the Securities and Exchange Commission (the 'SEC'). About Vacasa Vacasa is a 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 is designed to adjust rates in real time to maximize revenue. Guests can relax comfortably in thousands of Vacasa homes in hundreds of destinations across the United States, and in Belize, Canada, Costa Rica, and Mexico, knowing that 24/7 support is just a phone call away. In addition to enabling guests to search, discover and book its properties on and the Vacasa Guest App, Vacasa provides valuable, professionally managed inventory to top channel partners, including Airbnb, and Vrbo. Cautionary Note Regarding Forward-Looking Statements The information included herein and in any oral statements made in connection herewith contains forward-looking statements. All statements other than statements of historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements and speak only as of the date they are made. Words such as 'aim,' 'anticipate,' 'believe,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intends,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'will,' 'would,' 'target,' 'forecast,' 'outlook,' or the negative of these terms or other similar expressions are intended to identify such forward-looking statements. Specific forward-looking statements include, among others, statements regarding forecasts and projections; estimated costs, expenditures, cash flows, growth rates and financial results; plans and objectives for future operations, growth or initiatives; strategies or the expected outcome or impact of pending or threatened litigation; and expected timetable for completing the proposed transaction. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to the Company. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict and many of which are beyond the Company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: (i) the timing to consummate the proposed transaction; (ii) the satisfaction of the conditions to closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction otherwise does not occur; (iii) risks related to the ability of the Company to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; (iv) the diversion of management time on transaction-related issues; (v) results of litigation, settlements and investigations in connection with the proposed transaction; (vi) actions by third parties, including governmental agencies; (vii) global economic conditions; (viii) potential business uncertainty, including changes to existing business and customer relationships during the pendency of the proposed transaction that could affect financial performance; (ix) adverse industry conditions; (x) adverse credit and equity market conditions; (xi) the loss of, or reduction in business with, key customers; legal proceedings; (xii) the ability to effectively identify and enter new markets; (xiii) governmental regulation; (xiv) the ability to retain management and other personnel; and (xv) other economic, business, or competitive factors. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's filings with the SEC. The Company's SEC filings may be obtained by contacting the Company, through the Company's website at or through the SEC's Electronic Data Gathering and Analysis Retrieval System at The Company undertakes no obligation to publicly update or revise any forward-looking statement.
CBS News
22-04-2025
- CBS News
Record number of travelers plan to hit the road for summer vacation, survey shows
A recent survey shows summer 2025 is shaping up to be the season of exploration. KDKA Consumer Investigator Meghan Schiller explains why a record number of Americans plan to pack their bags for some destinations a little more off the beaten path. Nearly half of all Americans, 44 percent, plan to go on vacation this summer , with a majority either maintaining or increasing their travel frequency compared to last summer. "Things are shifting. Travel is back," said Kristen Taylor, vice president of operations for Vacasa. "We obviously saw a lot of change during COVID. We saw the lockdowns. Then we saw the travel boom. Staycations have been a big thing the past few summers. So, people going to real close markets, staying in their own cities, maybe being a tourist in their own town." Taylor with Vacasa, a short-term vacation rental property company, says people plan to stay stateside this summer, but now want to travel outside of their city. Vacasa surveyed 1,000 Americans hoping to find out where people want to go, finding 65 percent of travelers are headed to the coasts. "We learned, first and foremost, water destinations, fresh adventures, nature escapes and staying stateside were the big takeaways," said Taylor. "So, the locations themselves were no surprise. People are looking for beautiful, warm beaches. For our East Coast, our Midwest travelers, Ocean City, Maryland, can't beat it. Historic, beautiful Myrtle Beach, South Carolina, was a really big one." We can't forget Florida with places like Destin, Miramar and Panama City Beach taking top spots, along with the Outer Banks in North Carolina and Hilton Head Island in South Carolina . And forget solo adventures; 48 percent of Gen Z travelers (with birthdates between 1997 and 2012) plan to travel, and most will bring friends. "The Gen Z traveler is really the dominant group right now. So, they're traveling with groups of friends, work remote, have a little more freedom and flexibility, and then being able to pop around to different locations," said Taylor. And don't underestimate Gen X (people born between 1965 to 1980). They officially claimed the top spot for planning family vacations, with 57 percent planning to travel with kids, beating the 54 percent of millennials (born between 1981 to 1996) traveling with littles. "There's some smart spending going on. There's a lot of deal hunters. So, the Gen Z and the millennial traveler are definitely looking for those deals, and they're seeking destinations where they can unplug," said Taylor. Speaking of unplugging, the survey says the great outdoors are calling, with 29 percent planning to hit a national park and 27 percent hoping to visit a lake.
Reuters
03-04-2025
- Business
- Reuters
Silver Lake's sharp elbows risk being dislocated
NEW YORK, April 3 (Reuters Breakingviews) - Egon Durban is used to getting the better end of a deal. The co-CEO of private-equity shop Silver Lake has guided U.S. technology and media titans like $790 billion Broadcom (AVGO.O), opens new tab and $66 billion Dell Technologies (DELL.N), opens new tab through canny buy-and-build sprees. At key moments, though, he has reached into a toolbox that includes finely crafted structures conferring an advantage on insiders, angering rabble-rousers like Carl Icahn. A tiny deal for Oregon-based vacation rental outfit Vacasa (VCSA.O), opens new tab, though, is stretching Durban's playbook to the limit. At first glance, it looks like a simple bidding war. On one side is rival property-management site Casago, which has agreed, opens new tab to buy Vacasa for $5.30 per share, or roughly $120 million in total. That bid has the support of Vacasa's biggest investor Silver Lake, which along with two other allied shareholders has, opens new tab about half of the stock. On the other side is Davidson Kempner, which owns 10% and is offering, opens new tab $5.83 apiece for the rest of the equity. The hedge fund is no stranger to the dark arts, having made a name for itself by lending to overstretched companies to secure a prime spot in a debt restructuring. Examples include clothing chain J. Crew, Quorum Health, MGM Studios and Neiman Marcus. The standoff brings together three key strands of the modern financial world that may increasingly overlap: buyout barons coming down from pandemic-era giddy highs, distressed debt investors hoping for an arguably overdue pickup in defaults, and the decline of once-frothy special purpose acquisition companies. The website for renting out vacation homes went public through a blank-check merger in 2021 at a $4.5 billion valuation. It's down 97% since. That smarts for Durban and Silver Lake, which led a $319 million funding round in 2019 and returned for more in 2020. According to regulatory filings, opens new tab, Vacasa began seeking a lifeline from potential suitors in 2023, a year in which net losses ballooned to $528 million, up from $92 million in 2020. Management foresaw cash running dry in 2025. That explains how Davidson Kempner got involved. The hedge fund bought $30 million of convertible bonds from liquidity-starved Vacasa last August. If converted, those notes would give it 42% of the company, diluting other investors, but only 20% of the voting rights. Davidson Kempner's support for the M&A negotiations with Casago, which would see Silver Lake and others continue to hold stakes in the combined entity, was at one point an open question. But the hedge fund wanted to stay on as a lender rather than having its credit cashed out – a disagreement which prompted the rancorous tussle for control. Both sides accuse the other of foul play – with some justification. Filings reveal that an independent committee of Vacasa's board, for example, was mindful that Davidson Kempner has 'different economic interests' than regular shareholders since it is a creditor. The implication is that it could pursue a 'loan to own' strategy of running out the clock to force a bankruptcy, in which it could secure a rich slice of the equity. The hedge fund has tried to quell concerns by tweaking its bid multiple times, even throwing in a $10 million termination fee if the offer fails. All of this is irrelevant, however, unless Davidson Kempner gets a shot to compete. Here, a structural quirk resulting from the SPAC merger gives Silver Lake and its partners an advantage. When Vacasa went public, it granted insiders rights under a tax receivable agreement (TRA), entitling holders to proceeds of certain tax savings. If another company buys Vacasa, TRA owners can extract a one-off $80 million-plus payment, potentially destroying the logic of a deal. Filings imply, opens new tab that Silver Lake and two other Vacasa investors own 31% of the TRA rights. Perhaps unsurprisingly, the Casago bid favored by Silver Lake and its allies has secured a waiver from the payout, while Davidson Kempner has not. Hence the hedge fund's accusation that insider investors are 'effectively controlling' the company. Vacasa told Breakingviews that it strongly denies Davidson Kempner's accusations and that a special board committee is carefully evaluating its proposal. The saga echoes Durban's sharp-elbowed dealmaking elsewhere. Silver Lake, for instance, helped Michael Dell take his eponymous company private in 2013. In its time off the market, the computing giant issued so-called tracking stock to help fund a $67 billion purchase of EMC. The securities were meant to trade in line with public shares in EMC's crown jewel subsidiary VMware. In fact, they labored under a yawning discount. Dell subsequently went public again by merging, opens new tab into the cheap tracking stock, effectively giving itself and fellow backers like Silver Lake an outsized chunk of the resulting public company. Activist Carl Icahn and others fought a fierce campaign against both the original buyout and the public-market return, forcing extra payouts, though the deal nonetheless worked well for Silver Lake. Another example is entertainment group Endeavor, led by Hollywood mogul Ari Emanuel and backed by the buyout shop since 2012. The grab bag of Tinseltown talent agencies and sports interests owns a controlling interest in $30 billion TKO (TKO.N), opens new tab, which includes the Ultimate Fighting Championship and soap-opera-meets-bodyslam purveyor World Wrestling Entertainment. The parent group's valuation never really reflected the value of that holding, and nor did Silver Lake's recently completed $25 billion take-private of Endeavor. The discrepancy has become even more conspicuous after a surge in TKO's share price. Hedge funds are heading to Delaware for a court challenge, Bloomberg reported, opens new tab. Silver Lake's tactics are great for its underlying fund backers, who expect Durban and his team to multiply their money. And, over the long term, these are not just exercises in financial chicanery: since returning to the market, Dell's shares have skyrocketed nearly eight-fold. The buyout shop helped create the predecessor to Broadcom through a roughly $3 billion deal way back in 2005. But when the moment is right, Silver Lake plays its hand aggressively. Mixing in the dark alleys of capital markets means bumping into savvy brawlers. And Davidson Kempner may have a weapon up its sleeve. The hedge fund reckons a TRA waiver for Casago would disproportionately and illegitimately benefit insiders like Silver Lake. It is working with Eric Breon, Vacasa's former CEO and a holder of TRA rights, who could have legal standing to sue. That could set up a financial time bomb for Casago. Davidson Kempner's strategy seems clear: force Silver Lake and the other major TRA holders to the table, with the aim of extracting a waiver of its own. In effect, that would allow the two bids to compete on price – unlike with the status quo, where independent Vacasa investors are being offered more money by Davidson Kempner but aren't necessarily able to get it. Whatever the outcome, the hedge fund is wielding more potent tools than Durban's group has faced in the past. And Silver Lake's reputation for can't-lose dealmaking is on the line. It's a unique selling point for the firm among its potential deal partners in the technology and entertainment world, like Dell and Emanuel. Vacasa may be small, but the stakes for Durban and his partners are anything but.
Associated Press
17-03-2025
- Business
- Associated Press
Universal Technical Institute, Inc. Announces Bruce Schuman as Chief Financial Officer
Schuman has decades of senior financial leadership experience at publicly-traded and privately-held companies PHOENIX, March 17, 2025 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce education provider for transportation, skilled technicians, energy and healthcare, today announced Bruce Schuman as Chief Financial Officer, effective immediately. 'Bruce Schuman's experience leading the financial operations of large organizations undergoing transformative change will be invaluable as we execute against the second phase of our North Star strategy,' said Jerome Grant, CEO, Universal Technical Institute, Inc. 'The next four years hold significant opportunities for our company's growth and profitability as we meet the demand for skilled collar and health workers in the U.S., and I look forward to working closely with Bruce as we achieve our goals. 'In addition, I want to thank Christine Kline for her outstanding service as interim CFO since October,' Mr. Grant continued. 'Christine's leadership ensured our Finance organization maintained their momentum during a busy time for the company, and she will now return full-time to the position of Chief Accounting Officer.' Most recently, Schuman served as CFO for Vacasa (NASDAQ: VCSA), North America's largest short-term rental property management and hospitality company, which serves more than three million guests and over 35,000 property owners annually. At Vacasa, he was instrumental in driving the financial strategy and operational excellence that enabled the company to achieve its first year of profitability in 2023. Prior to this, he was CFO of Kiavi (formerly LendingHome), one of the largest lenders to real estate investors in the U.S., where he led the company through a period of rapid, profitable growth and drove the company's IPO readiness initiatives. Earlier in his career, Schuman held various senior finance leadership roles at Intel Corporation, including CFO of the company's Enterprise Data Center business and Intel Capital. He currently serves on the boards of Cirrus Secure and Urban Light. 'Universal Technical Institute, Inc., plays an increasingly critical role in supplying the skilled workforce solutions that power the U.S. economy,' said Bruce Schuman, Chief Financial Officer, Universal Technical Institute, Inc. 'I am excited to join the company at this important moment in its growth trajectory, and I look forward to partnering with the executive team and the strong talent across the organization to help drive the company's continued success.' As the company executes the second phase of its North Star strategy, it is expected to deliver approximately 10% revenue CAGR and expand its Adjusted EBITDA margin to nearly 20 percent through fiscal 2029. The core tenets of the strategy—growth, diversification and optimization—are the foundation for initiatives in both of the company's operating segments: UTI, which offers transportation, skilled trades and energy education; and Concorde Career Colleges, which specializes in the dental, nursing and allied health professions. Universal Technical Institute, Inc. recently reported its financial results for the first quarter of fiscal 2025. The company continued to deliver strong outcomes, with key metrics of revenue, Adjusted EBITDA and new student starts having improved year-over-year. The company also increased its guidance ranges for the fiscal year. More information about Universal Technical Institute, Inc., including the company's most recent investor presentation, can be found here. About Universal Technical Institute, Inc. Universal Technical Institute, Inc. (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades, and healthcare education programs whose mission is to serve students, partners, and communities by providing quality education and support services for in-demand careers across a number of highly skilled fields. Universal Technical Institute, Inc. is comprised of two divisions: the UTI division and Concorde Career Colleges. The UTI division operates 15 campuses located in nine states and offers a wide range of transportation and skilled trades technical training programs under brands such as UTI, MIAT College of Technology, Motorcycle Mechanics Institute, Marine Mechanics Institute and NASCAR Technical Institute. Concorde operates across 17 campuses in eight states and online, offering programs in the allied health, dental, nursing, patient care and diagnostic fields. For more information, visit or or visit us on LinkedIn at @UniversalTechnicalInstitute and @Concorde Career Colleges or on X (formerly Twitter) @news_UTI or @ConcordeCareer.
