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Inspirato, a subscription-based luxury travel company offering vacation rentals and apartment stays worldwide, announced on Wednesday its planned merger with blank check company Thayer Ventures Acquisition Corp. The transaction would give Inspirato an enterprise value of $1.1 billion and would lead to its public listing on the Nasdaq stock exchange under the ticker symbol ISPO.
Inspirato’s subscription pass costs about $2,500 a month to book travel at vacation homes and hotels that Inspirato controls the inventory for. It also offers a $600 a month, club membership that gives customers access to bookings at reduced nightly rates.
Founder and CEO Brent Handler will continue to lead the company. His brother Brad Handler will be executive chairman.
A private investment in public equity, or PIPE, transaction, will contribute about $100 million to the deal. The merger is expected to close in the fourth quarter.
The deal will provide up to $260 million in net cash proceeds on its balance sheet, assuming no redemptions, including the private investment in public equity $100 million infusion.
The PIPE is led by Janus Henderson Investors and Rodina, and includes additional incremental capital from Kleiner Perkins, IVP, Company founders, and certain other existing investors, reflecting strong confidence in the business.
“We were looking for a company cracking the code in long-term growth,” said Thayer Ventures managing partner Chris Hemmeter.
Photo Credit: An Inspirato property. Inspirato
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