International experiential services company Viad Corp has announced that it has expanded its Travel & Recreation Group with the acquisition of FlyOver Canada. FlyOver Canada is a flying theater attraction that showcases some of Canada’s most awe-inspiring scenery from coast to coast. The state-of-the-art, multi-sensory experience combines motion seating, spectacular media and special effects, including wind, scents and mist, to provide a true flying experience for guests.
Steve Moster, Viad’s president and chief executive officer, said, “We are excited to add yet another top-rated and high-margin attraction to our Travel & Recreation Group. Since opening in June 2013, FlyOver Canada has provided over 1.6 million guests the virtual sensation of flying over breath-taking, iconic locations across Canada. The existing FlyOver Canada theater is ideally located in downtown Vancouver at Canada Place, which also serves as the Port of Vancouver’s cruise ship terminal, welcoming over 900,000 passengers each year, and houses the East Building of the Vancouver Convention Center, which hosts over 300 events annually. This acquisition extends our geographic reach into the robust Vancouver tourism market, which has over 9 million overnight visitors, and provides a new platform to accelerate growth and enhance profitability.”
“Rated as the No 1 fun attraction in Vancouver by TripAdvisor, FlyOver Canada is perfectly aligned with our goal of creating guest experiences that are iconic, unforgettable and inspiring,” said David Barry, president of Viad’s Travel & Recreation Group. “The attraction has seen very strong year-over-year growth since opening, with 2016 visitation up about 16 percent through November. By bringing it into Viad’s Travel & Recreation Group, we see opportunities to drive meaningful growth at the existing Vancouver location, as well as opportunities to expand the concept into additional markets in future years.”
The acquisition closed on December 29, 2016, and is within Viad’s stated target valuation range, with a projected IRR of more than 15%. FlyOver Canada is expected to generate revenue of over $11 million during 2016 with approximately 575,000 guests.
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