The Travel Corporation (TTC) will be acquired by private equity firm Apollo Funds as part of a new agreement the travel group has entered into with the company.
The acquisition will end TTC’s run as a privately owned and operated company, which has lasted for more than a century. It consists of 18 travel brands, including escorted tour operator Trafalgar, luxury all-inclusive river cruise line Uniworld, youth travel brand Contiki and premium guided tour brand Insight Vacations.
Chairman Brett Tollman said the decision to sell the company comes as a way to ensure the future growth and success of the Travel Corporation. He said the company does not have a next generation to lead the company from within.
Brett Tollman
“For more than 104 years, our family has built TTC into an industry leader known for exceptional service and innovation,” 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.”
Tollman added, “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.”
Details of the deal
The transaction is expected to close in the fourth quarter of 2024
and is subject to satisfaction of certain closing conditions, including
regulatory approvals. Financial terms of the transaction have not been
disclosed.
Certain brands are not included in the sale, notably the Red
Carnation Hotel Collection, and will remain under the continued
stewardship of the Tollman family.
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’d like to thank the Tollman family for trusting in our good stewardship of the business they’ve built for more than a century and look forward to 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.