Apollo Funds has announced a definitive agreement to acquire The Travel Corporation (TTC), a privately owned travel conglomerate boasting 18 premier brands. This historic transaction, expected to close in the fourth quarter of 2024, signifies a new era for the century-old travel titan.

A Legacy of Excellence

TTC, renowned for its exceptional service and innovation, includes prominent brands such as Trafalgar, a leader in escorted tours; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; and Contiki, a specialist in youth travel. Additional brands like Insight Vacations, known for premium guided vacations, and other global travel entities are also part of the acquisition.

Strategic Succession

Brett Tollman, TTC Chairman, remarked, “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’s Vision

Michele Raba, Apollo Private Equity Partner, shared his enthusiasm: “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. We want to thank the Tollman family for trusting in our good stewardship of the business they’ve built for more than a century and look forward to an exciting next chapter in which TTC can serve as a platform for growth.”

Future Prospects

The acquisition is subject to the fulfilment of certain closing conditions, including regulatory approvals. Notably, The Red Carnation Hotel Collection, a significant part of TTC’s portfolio, will remain under the Tollman family’s stewardship and is not included in the sale. The financial terms of the transaction have not been disclosed.

Industry Implications

This acquisition underscores Apollo Funds’ strategic intent to deepen its footprint in the travel, tech, and hospitality sectors. By incorporating TTC’s diverse and robust brand portfolio, Apollo is poised to enhance its market position significantly. The anticipated growth trajectory for TTC under Apollo’s ownership is promising, especially given the increasing global demand for specialized and adventurous travel experiences.

As the travel industry rebounds post-pandemic, this acquisition is a significant indicator of renewed investor confidence. Apollo Funds’ acquisition of TTC is set to create ripples across the travel industry, heralding a new chapter for both entities. With a shared vision for growth and innovation, Apollo and TTC are well-positioned to lead the industry into the future.

Written by: Yves Thomas

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