Vacasa is going public this year through the SPAC merger with TPG Pace Solutions this year.
The full-service rental management company announced the deal on July 29, which values the company at about $4.5 billion.
“As more second homeowners share their homes with guests for the first time, and travelers increasingly prefer to stay at vacation rentals, we believe our partnership with TPG Pace Solutions will help accelerate our growth and the enhancement of our technology offerings for homeowners and guests," said Vacasa CEO Matt Roberts.
The company was founded by Eric Breon and Cliff Johnson in 2009 has grown exponentially in the last 12 years. Currently, Vacasa manages over 30,000 vacation homes with footprints in 34 U.S. states, Canada, Mexico, Belize, and Costa Rica.
There's an interesting story behind the birth of Vacasa. Eric Breon came up with the idea of a vacation rental service after experiencing difficulties managing a family vacation home.
"... hard to believe this all started at your [Eric Breon's] dining table," co-founder Cliff Johnson commented on LinkedIn . "...excited to see how far it can go..."
Johnson left the company to join Rented.com in 2018, whereas Breon stepped down as CEO in 2019.
In 2021, Vacasa estimates its gross booking value to be about $1.6 billion.