Apollo and The Travel Corporation (TTC) have entered into definitive agreement on July 16 for Apollo-managed funds to acquire the long-established travel and tourism firm, thus ending 104 years of private ownership of the founding Tollman family.
The transaction is comprised of 18 brands, including Trafalgar, Uniworld Boutique River Cruises, Contiki, Insight Vacations as well as other global travel brands and supporting business entities. Certain brands are not included in the sale; notably The Red Carnation Hotel Collection will remain under the continued stewardship of the Tollman family.
TTC chairman Brett Tollman said: “For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation. 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.”
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close 4Q2024. Financial terms of the transaction are not disclosed.
