This transaction will allow PEDs to further invest in its leading technology service offering and execute on its growth and expansion strategy.
DALLAS – Pegasus Electronic Distribution Services, a leading global technology firm delivering advanced connectivity and distribution solutions to lodging providers and distributors, today announced that it has undergone a recapitalization led by an affiliate of H.I.G. Capital, the global private equity firm. This transaction will allow PEDs to further invest in its leading technology service offering and execute on its growth and expansion strategy. The current PEDs senior leadership team will be supplemented by Toni Portmann, a seasoned technology executive and frequent collaborator with H.I.G. Ms. Portmann will act as the full-time Executive Chair of the Board of Directors and Interim CEO until the remainder of the go-forward senior management team is put in place.
Founded in 1989, PEDs is the industry standard electronic distribution network used for facilitating electronic shopping and booking of hotel rooms. With connections to over 100,000 hotels in over 200 countries, PEDs has long term partnerships with the largest global hotel chains, leading Online Travel Agents (“OTA’s), and Global Distribution Services (“GDS’s). The PEDs platform is highly scalable, processing over 8 billion hotel booking inquiries each month and 45 million hotel bookings annually, representing over $14 billion of hotel revenue.
“This recapitalization comes at an important stage in our growth,” said SVP of Sales John Owens. “The need for PEDs to strategically invest in the business to allow for increased customization of connectivity options, deeper and richer content offerings, and a wider array of value added products and services, has never been clearer. Over the past several decades, our customers have recognized the unique value proposition of PEDs’ services, however the Company is at a unique inflection point at which it needs to address the changing and growing requirements of its customers. The added resources and expertise that the H.I.G. team brings to bear will help us meet this demand and continue to grow and expand.”
Ms. Portmann added, “I am excited to be working with a true pioneer in the lodging electronic distribution sector and am thrilled to join the company as the Executive Chair of the Board and Interim CEO. I am honored to have this opportunity to work with the Board of Directors, the company’s executives, and the broader employee group to facilitate a renewed focus on PEDs’ core competencies and drive long-term success for the organization.”
H.I.G. also acquired a related company, Onyx Payment Solutions (formerly known as Pegasus Financial Services), from the same corporate parent in April 2013.
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