The Travel Corporation (TTC) on Tuesday announced it has been acquired by Apollo, a “a high-growth, global alternative asset manager.” TTC has been privately owned and operated for more than a century by the Tollman family.
The transaction comprises nearly all 18 of TTC’s brands, including Trafalgar, a leading escorted tour operator; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, a youth travel specialist tour company; and Insight Vacations, a premium guided vacation company; as well as other global travel brands and supporting business entities. Certain brands, however, are not included in the sale, notably The Red Carnation Hotel Collection, and will remain under the continued stewardship of the Tollman family.
In a press statement, 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 added, “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 in the fourth quarter of 2024. Financial terms of the transaction are not disclosed. As of March 31, 2024, Apollo had approximately $671 billion of assets under management.
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