TPG Pace Group will help take Vacasa public for the first time through a Special Purpose Acquisition Company deal.
Trading under the ticker VCSA, publicly listed Vacasa is forecast to have a valuation of $4.5 billion as a result of the IPO and will generate $485 million in cash proceeds.
The company says the move will allow it to reinvest in its growth strategy and technology requirements.
Vacasa is present in the U.S., Canada, Mexico, Belize and Costa Rica, processing more than three million guests per year through 30,000 homes in the its portfolio.
Alongside the consumer-facing part of the business, homeowners use Vacasa for distribution to other platforms such as Airbnb, Booking.com and Vrbo.
The IPO will be the sixth SPAC-formed listing for the TPG private equity house.
TPG Pace's non-executive chairman and director, Karl Peterson, says: "TPG has a long history of supporting high-growth companies, including consumer internet marketplaces, and new economy travel and leisure businesses. Leveraging our extensive public market experience, we believe our partnership will further solidify Vacasa as a scaled hospitality brand in vacation rentals."
Vacasa claims it will hit around $1.6 billion in gross bookings and $750 million in revenue during 2021.
The company's existing investors, including Silver Lake, Riverwood Capital and Adams Street, expect to "roll 100% of their equity" and will retain an 88% ownership of the company, a statement says.
Founder and former-CEO Eric Breon and the management will be included in the new ownership structure.
Breon left the company to focus on strategy as a board member in February 2020, initially replaced by ex-OpenTable CEO Matt Roberts on an interim basis before securing the post permanently.
Roberts says: "The integration of our purpose-built technology with our local, expert service teams brings exceptional care and greater returns to our homeowners, delivers a consistent and reliable experience to our guests, and helps us offer a large supply of professionally managed homes for our distribution partners."
Vacasa acquired TurnKey Vacation Rentals in March this year and has raised around $635 million in investment funding.
It's most recent injection of capital came in June 2020 via a Series D round from Silver Lake to the tune of $108 million.