Exponent Private Equity has acquired three leading sightseeing attraction pass companies: Boston-based Smart Destinations, parent company of Go City Card; UK-based Leisure Pass Group; and The New York Pass. Ted Stimpson, CEO of Smart Destinations, is the Global CEO of the combined Leisure Pass Group (LPG).
May 10, 2017
LONDON, UK (May 10, 2017) — Exponent Private Equity has acquired three leadingsightseeing attraction pass companies: Boston-based Smart Destinations, parent company of Go City Card; UK-based Leisure Pass Group; and The New York Pass. Ted Stimpson, CEO of Smart Destinations, is the Global CEO of the combined Leisure Pass Group (LPG).
The three entities will operate as independent subsidiaries of a newly formed parent company, which will retain the Leisure Pass Group brand name and become the largest tourism attraction pass provider in the world. The new Leisure Pass Group will operate in more than 30 destinations across the US, Europe, and the Middle East, and is projected to deliver over 12 million attraction visits worldwide.
The sightseeing and attractions industry is big business, with a total global economic impact in excess of $300 billion, according to the International Association of Amusement Parks and Attractions (IAAPA). Attraction passes — which allow travelers to access a variety of attractions and tours with a single purchase and at significant savings versus buying tickets individually (as much as 55% depending upon the pass selected) — comprise a growing segment of this industry. Leisure Pass Group’s attraction passes can be conveniently downloaded to a mobile app, and allows customers to present their passes right on their smart phones for access at each location. The passes are available for purchase online, through a variety of third-party resellers, and can also be acquired by travel agents with commission from Viator, Hotelbeds, GTA-Travel, and Tourico Holidays.
According to Mr. Stimpson, “This merger provides Leisure Pass Group with an amazing opportunity to leverage the collective power of three market leading attraction pass providers and aggressively pursue growth in existing markets as well as many new markets around the world. Leisure travel shows no evidence of slowing down, and as long as consumers have the desire to get out there and experience the various theme parks, tours, and attractions, we want to be able to provide them with a cost-effective way to explore and save.”
To demonstrate the continued growth of this market, Mr. Stimpson adds that LPG in North America has seen eight consecutive quarters of 30+% YOY growth and doubled the number of sold passes in the last two years.
About Smart Destinations:
Smart Destinations produces the popular Go City Card multi-attraction passes available in 14 top tourist destinations in the U.S. and abroad including Boston, Chicago, Dubai, Las Vegas, London, Los Angeles, Miami, New York City, Oahu, Orlando, San Antonio, San Diego, San Francisco, and Washington, DC. Go City Cards can be purchased online and instantly delivered to a traveler’s smart phone or they can also be purchased worldwide through select resellers. Travelers can opt for different passes to suit their needs including an “All-Inclusive” pass, which provides carte blanche to visit any of that city’s included attractions, or a “Build Your Own,” enabling a traveler to create their own itinerary. Depending upon the pass selected, travelers can realize a savings of up to 55% less than paying at the gate. Many passes come with valuable extras including the ability to skip the line at select attractions and comprehensive guidebooks with insider tips and bonus discounts on shopping and dining. For additional information, visitwww.SmartDestinations.com.
About Leisure Pass Group:
Leisure Pass is a leading global interface between tourists and attractions, facilitating the sightseeing experience for millions of customers each year. The company packages together a large number of city attractions into a pass which entitles the pass holder access to attractions over a defined period of time. This pass provides customers with cost savings against published gate prices, convenience, fast-track entry plus additional benefits including guidebooks and concierge services. Founded in 1999 and based in London, Leisure Pass processes more than 1.5 million passes per year. For additional information, visit www.LeisurePassGroup.com.
About New York Pass:
The New York Pass, a smart card that allows cash free entry to over 90 New York tourist attractions along with skip-the-line privileges at certain locations and discounts at select retailers, restaurants, and Broadway shows, is available in durations of one, two, three, five, seven or ten days and comes with a 200+ page New York Pass guidebook complete with hours of operation and directions to every New York Pass attraction, as well as detailed maps and insider tips. The New York Pass guidebook is available in English, Spanish, German, French, Italian, Mandarin, Dutch, and Portuguese. For additional information, visitwww.NewYorkPass.com.
About Exponent Private Equity:
Exponent is a private equity firm which typically invests in UK headquartered businesses with enterprise values between £75m and £350m. Its team, which has over 175 years of collective experience, works with businesses across a broad range of sectors; seeking to unlock value and drive growth by finding the right companies, identifying their potential and working with the right people to develop them. The company’s aim is to make excellent returns for investors and deliver profitable relationships for managers. For additional information, visit http://www.exponentpe.com.