Apollo Funds is acquiring The Travel Corporation (TTC), expanding its portfolio.
- The acquisition includes 18 travel brands like Trafalgar, Uniworld, and Contiki.
- Brett Tollman cites no next generation to lead TTC as a reason for the sale.
- Michele Raba sees potential growth for TTC as part of the Apollo family.
- The deal awaits regulatory approval and is expected to conclude in late 2024.
Private equity giant Apollo will acquire The Travel Corporation (TTC) in a deal that bolsters its already expansive collection of travel, tech, and hospitality holdings. The transaction, slated to close by the end of the year pending regulatory approvals, encompasses a portfolio of 18 notable brands. Among these are Trafalgar, a leader in escorted tours; Uniworld Boutique River Cruises; Contiki, famous for spearheading youth tours; and premium tour operator Insight Vacations.
At the heart of the decision to sell is Brett Tollman, TTC’s chairman, highlighting the absence of a next generation to drive the business forward. In a statement, he remarked on selecting a new owner aligned with TTC’s vision and prioritising a seamless transition. Tollman expressed confidence in Apollo’s team, assuring stakeholders that the company would maintain and enhance its high standard of operations to cater to increasing global demand across its touring, river cruising, and adventure travel services.
Apollo’s Michele Raba, a private equity partner, expressed enthusiasm about integrating TTC into their portfolio, highlighting Apollo’s extensive experience in the sectors TTC operates in. Raba extended gratitude towards the Tollman family for entrusting Apollo with their legacy and shared a vision for TTC serving as a growth platform under Apollo’s stewardship.
Certain assets, such as The Red Carnation Hotel Collection, are notably excluded from the sale and will remain with the Tollman family, ensuring those elements of TTC remain under familiar management. This selective acquisition approach by Apollo underlines its commitment to focusing on brands with substantial growth potential, thereby optimising resource allocation for future expansion.
The acquisition of The Travel Corporation by Apollo Funds signifies a strategic shift, poised to open new avenues for growth in the travel industry.
