Secure America in business with Ultimate Escapes
Secure America Acquisition Corporation announced yesterday that it has signed a definitive agreement to enter into a business combination with privately-held Ultimate Escapes Holdings, LLC, a leading operator of luxury destination clubs.
Ultimate Escapes‘ current management team, led by Jim Tousignant, President and CEO, and Richard Keith, who will become Chairman of Ultimate Escapes upon consummation of Ultimate Escapes’ planned acquisition of Private Escapes Holdings, LLC, will remain in place to run the business following the consummation of Secure America’s business combination with Ultimate Escapes. It is anticipated that, upon consummation of the acquisition, Secure America will change its name to “Ultimate Escapes, Inc.”
“We are very pleased to announce the transaction with Ultimate Escapes,” stated Mr. C. Thomas McMillen, Chairman and Co-Chief Executive Officer of Secure America. “After reviewing a significant number of potential targets in the homeland security sector, we determined that reaching outside of our targetindustry presented more attractive acquisition opportunities in the current market, and thus was more aligned with our goal of maximizing shareholder value.
The luxury destination club market is a unique segment of the hospitality sector with what we believe to be significant long-term growth potential, and Ultimate Escapes has, in our opinion, emerged as a leader in this market. Ultimate Escapes has a seasoned management team that has worked together for over 15 years, has significant public-company experience, and has successfully grown businesses both organically and through accretive acquisitions. We believe its strong growth profile and revenue visibility, leading market position and attractive portfolio of properties, combined with a discounted valuation relative to other public company comparables, make this an ideal acquisition for our SPAC.”
Jim Tousignant, President and CEO of Ultimate Escapes added, “We are very excited about the opportunities for growth that lie ahead and look forward to closing our transaction with Secure America. The substantial new equity capital from this transaction, combined with our large and affluent membership base, seasoned management team, proven business strategy, strong operational experience and advanced web-based “smart home” technology platform will enable us to execute our growth strategy and expand our operations, both organically and through additional accretive transactions. Our pending acquisition of $50 million of luxury real estate assets and 400 new members from Private Escapes, the third largest destination club, further solidifies our leadership position in the industry.”
News via Reuters.
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