Pursuit, a Colorado-based attractions and hospitality company, has taken over the Victoria whale-watching company<\/p>\n
A Colorado-based attractions and hospitality company with a substantial presence in the Canadian Rockies has acquired Victoria whale-watching company Eagle Wing Tours for $23.85 million.<\/p>\n
Pursuit, a multinational that formerly operated in Canada under the name of Brewster Travel Canada, closed the deal with Eagle Wing co-founders Brett Soberg and Don Stewart on Tuesday.<\/p>\n
Soberg, who has been with the company since 2005, will remain as general manager while Stewart will leave the company in the coming months.<\/p>\n
Soberg, who also works as a ship captain at Eagle Wing, said he and Stewart decided to sell the company to Pursuit, after weighing several offers from companies that had expressed interest in acquiring the whale-watching firm.<\/p>\n
\u201cPursuit rose to the top exponentially above everybody else because of who they are, how they conduct business, and their values align seamlessly and harmoniously with what our values are,\u201d he said in an interview.<\/p>\n
\u201cFor us, it just felt like the timing was right. We\u2019ve done well over the last 22 years, so what does that next 20-plus years look like? We\u2019re not getting any younger.\u201d<\/p>\n
Soberg, who is 53, said the whale-watching sector looks very different from when he helped start Eagle Wing with a single 12-person boat.<\/p>\n
\u201cThere used to be 12 companies in Victoria. There\u2019s now only four.\u201d<\/p>\n
Much of the downturn occurred in the early 2000s, but two smaller-scale companies went out of business in the past six or seven months, he said.<\/p>\n
Eagle Wing employs 18 year-round employees, a number that swells to about 50 during the whale-watching season, and is among the busier and more active whale-watching companies in the Victoria area, Soberg said.<\/p>\n
The company sees about 50,000 customers a year, according to a Pursuit investor presentation about the acquisition.<\/p>\n
Pursuit expects Eagle Wing to generate about $3.5 million in earnings within its first full year of ownership.<\/p>\n
Stuart Back, chief operations officer of Pursuit Canada, said the process of acquiring the company from Soberg and Stewart took several years.<\/p>\n
Back said Pursuit has more than 130 years of presence in the country, dating back to the Brewster brothers who started a guiding company in the Canadian Rockies. The company also operates in the U.S., Iceland and Costa Rica.<\/p>\n
The company has lodging and attractions in Banff and Jasper national parks \u2014 including the Banff Gondola and the Jasper Skytram \u2014 but Eagle Wing is its first whale-watching company acquisition.<\/p>\n
About US$244 million of Pursuit\u2019s US$452 million in annual revenue was generated from its Canadian operations in 2025.<\/p>\n
Back, who is based in Banff, said the company believes in local leadership and Soberg will still have major responsibilities at Eagle Wing.<\/p>\n
Eagle Wing\u2019s commitment to community, conservation and education is in line with Pursuit\u2019s company values, and \u201cwe\u2019re really happy it\u2019s joining our collection,\u201d he said.<\/p>\n
\u201cOver time, we\u2019ll see how we can support the future of Eagle Wing and their growth where it makes sense in this market,\u201d he said.<\/p>\n
Paul Nursey, CEO of Destination Greater Victoria, said the acquisition is a vote of confidence in Victoria as a tourist destination.<\/p>\n
A company of Pursuit\u2019s size making moves in Victoria is proof that the city is a globally recognized city that punches above its weight, he said.<\/p>\n
Pursuit\u2019s most recent major acquisition prior to Eagle Wing was the US$111-million purchase last year of the 570-acre Tabac\u00f3n Thermal Resort & Spa in Costa Rica.<\/p>\n
The share price of Pursuit Attractions and Hospitality, Inc. rose by 0.71 per cent to US$52.19 on the New York Stock Exchange as of closing on Wednesday afternoon following news of the purchase.<\/p>\n
Prior to 2024, Pursuit was known as Viad Corp. and was headquartered in Arizona.<\/p>\n