The Travel Corporation (TTC) and its 18 leading brands, including Uniworld, Trafalgar and Contiki, has been acquired by US private equity firm Apollo for an undisclosed sum.
Significantly, the Red Carnation Hotel Collection is not part of the acquisition. The deal marks a significant shift for TTC which has been privately owned by the Tollman family for more than a century. Tollman said the move was made as it was with a family succession plan as there was no “next generation to lead TTC”.
The transaction involves TTC’s 18 brands escorted tour operator Trafalgar; luxury all-inclusive river cruise line Uniworld Boutique River Cruises; youth travel specialist tour company Contiki; premium guided vacation company, Insight Vacations; as well as other global travel brands and supporting business entities.
The transaction is subject to certain closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024. Certain brands are not included in the sale, notably The Red Carnation Hotel Collection.
Apollo manages around US $671 billion in assets as of March this year.
“For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation,” TTC Chairman Brett Tollman said.
“Without a next generation to lead TTC, the time has come in our strategic succession plan to select a new owner with a proven track record and who shares in our vision and customer-first values. We will support a seamless transition and are confident the team at Apollo will continue driving the business forward to meet growing global demand for touring, river cruising and specialist and adventure travel.”
Apollo private equity partner Michele Raba said, “TTC has a leading collection of brands that we believe we can take to the next level as an Apollo Funds portfolio company, leveraging our extensive experience in the travel, tech and hospitality sectors. We look forward to building on its legacy in an exciting next chapter in which TTC can serve as a platform for growth.”
Apollo’s other holdings in the travel industry include the Venetian Resort Las Vegas, Hilton Grand Vacations, Sun Country Airlines and American Express Global Business Travel.
Feature Image: Brett Tollman and family. bretttollman.com.au