Apollo Funds to acquire The Travel Corporation

In a significant shift within the travel industry, The Travel Corporation (TTC), a consortium of 18 renowned travel brands, is set to be acquired by the private equity firm Apollo Funds. This acquisition marks the end of TTC’s extensive history as a privately owned entity, a legacy that spans over a century.

TTC, known for its diverse portfolio including the luxury river cruise line Uniworld, youth-oriented Contiki, and premium tour operators like Trafalgar and Insight Vacations, will see a transformation in its ownership structure. Brett Tollman, TTC’s Chairman, expressed that the sale was a strategic move to ensure the corporation’s continued growth and success, especially in the absence of a familial successor to lead the company.

“For more than 104 years, our family has nurtured TTC into a beacon of quality and innovation in the travel sector,” Tollman stated. He emphasized the decision to pass the baton to Apollo due to their aligned vision and commitment to customer service, ensuring that the foundational values of TTC are preserved.

Michele Raba, a partner at Apollo, underscored the potential for growth under the new ownership, citing Apollo’s deep experience in enhancing portfolio companies in the travel, tech, and hospitality sectors. “We are eager to usher in a dynamic era for TTC, building on its prestigious brand legacy,” Raba commented.

The acquisition, slated for completion in the fourth quarter of 2024, hinges on the fulfillment of standard closing conditions and regulatory approvals. The financial specifics of the deal remain undisclosed. Notably, the Red Carnation Hotel Collection will continue to be held by the Tollman family and is not included in this transaction.

Apollo Funds’ existing investments in the travel sector include prominent names like the Venetian Resort Las Vegas and Hilton Grand Vacations, positioning TTC among a notable roster of industry leaders. This acquisition is poised to leverage TTC’s established market presence to scale new heights in the evolving travel landscape.

The article Apollo Funds to acquire The Travel Corporation first appeared in TravelDailyNews International.