Calgary, Canada-VIP International president, Kelly Blake said: “After a long and intense battle, our management buy out is now complete. We are pleased to announce that we are not being purchased by Pegasus.”
Trimin Capital is the financial backer of the VIP International/HARS Systems Inc. management buy out. As a highly respected investment company, they acquire large equity interest in open businesses and build value through applying strategic financial skills and planning.
“We`re not surprised that Pegasus had a really good look at VIP International. Our proven approach to electronic distribution can be seen with Candlewood Suites, Bradford Homesuites, Regal Hotels International and ClubHouse Inn & Suites. Each has experienced unprecedented increases of 30 to 75 per cent in their GDS, Internet and voice reservations as VIP International clients,” said Blake.
VIP International has experienced strong growth in the past two years through the implementation of SynXis Agent ®, a new web-native reservation system. VIP International has also delivered a new Internet distribution program that has increased Internet revenues overall for its clients by more than 10 per cent. Growth has also come from the creation of a world-class call center achieving conversions as high as 63 per cent.
“With this management buy out, we look forward to continued acquisitions such as HotelWorld, new strategic alliances, and additional revenue generating programs,” said Blake.
Rita Emmer, vice president of sales for VIP International commented: “We have always considered Pegasus our most formidable competitor, but we hold firm in our belief that VIP International delivers the best solution for increasing revenue for independent hotels. Pegasus is our “Goliath”, but we are “David” in the rep company arena.”
“Our focus on `doing the basics exceptionally well` has become our mantra and has produced impressive results for our clients. We have tremendous respect for Pegasus and their size shows their dominance in the hotel industry. However, we feel we can be competitive by being innovative, nimble and electronically aggressive as the “David” in the industry,” added Emmer.
VIP International Corporation is a wholly owned subsidiary of HARS Systems Inc., traded on the TSX Venture under the symbol HSS. VIP International provide electronic distribution and marketing services for thousands of hotels and car rental locations around the world. VIP International is a central distribution point to every viable Internet web site and all of the major global distribution systems including Sabre, Galileo, Amadeus and Worldspan. VIP International also provides voice reservation services out of Calgary, Canada.