H.I.G. Completes Technology Firm Recap
H.I.G. Capital announced its affiliate has completed the recapitalization of Pegasus Electronic Distribution Services (PEDs). As part of the transaction, Toni Portmann, a frequent collaborator with H.I.G., will join the PEDs senior leadership team as interim chief executive officer and full-time executive chair of the board of directors.
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 (OTAs), and Global Distribution Services (GDSs). 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.
“The technology and travel sector is a growing area of focus for our firm globally,” said William Nolan, H.I.G. managing director. “Our investment in PEDs exemplifies our unique approach to securing attractive investment opportunities in our many different industry sectors. We look forward to working with the PEDs team to realize the company’s full potential and enable it to deepen its existing client relationships and expand its product and service platform.”
Pegasus Electronic Distribution is a processor of electronic hotel transactions, delivering advanced and affordable connectivity and distribution solutions to over 100,000 hotels worldwide.