The Travel Corporation (TTC), parent of Uniworld Boutique River Cruises, has seen a pivotal change in its ownership structure after over a century.
- American private equity firm Apollo has purchased the company, transitioning it from a family-owned entity.
- Key brands such as The Red Carnation Hotel Collection will remain with the Tollman family.
- The acquisition will proceed upon receiving regulatory approval, expected by the fourth quarter of 2024.
- Financial specifics of the transaction remain undisclosed, but strategic growth is anticipated.
The Travel Corporation, which serves as the parent company to Uniworld Boutique River Cruises, has undergone a significant shift in ownership, concluding over 100 years of private family ownership. This landmark transaction has seen the company being acquired by Apollo, a US-based private equity firm, marking a transition from its family-led business model that has been in place for more than a century.
Apollo’s acquisition notably excludes certain esteemed brands, including The Red Carnation Hotel Collection, which will continue to operate under the stewardship of the Tollman family. This move reflects a strategic decision to maintain the heritage and distinct management ethos of select brands within TTC’s extensive portfolio.
The acquisition’s completion is contingent upon satisfying regulatory approvals, a process anticipated to conclude in the final quarter of 2024. The precise financial details of this agreement have not been publicly disclosed, yet the arrangement is poised to contribute to the global demand in specialized and adventure travel sectors.
The chairman of TTC, Brett Tollman, acknowledged the necessity of this transition due to the absence of a subsequent generation to lead the enterprise within the family. In his words, “For more than 104 years, our family has built TTC into an industry leader known for exceptional service and innovation.” He reassured that, “We will support a seamless transition and are confident the team at Apollo will continue driving the business forward.“
Apollo’s representative, Michele Raba, affirmed the firm’s commitment to leveraging its experience in the travel, tech, and hospitality sectors to elevate TTC’s portfolio. Acknowledging the Tollman family’s trust, Raba stated, “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.” The strategy is to serve as a platform for future growth within the travel industry.
This acquisition marks a significant moment in TTC’s history, promising future growth while preserving its longstanding legacy.
