Apollo and The Travel Corporation today announced they have entered into definitive agreement for Apollo-managed funds to acquire TTC, which has been privately owned and operated for more than a century.
The transaction is comprised of 18 leading brands, including Trafalgar, a leading escorted tour operator; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, youth travel specialist tour company; premium guided vacation company, Insight Vacations; as well as other global travel brands and supporting business entities.
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 said, “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’d like 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.”
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024. Certain brands are not included in the sale, notably The Red Carnation Hotel Collection and will remain under the continued stewardship of the Tollman family. Financial terms of the transaction are not disclosed.
Sidley Austin LLP is serving as legal counsel to the Apollo Funds. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to TTC; Zaoui & Co served as TTC’s financial advisor.
