Apollo Funds to acquire The Travel Corporation

High-growth global alternative asset manager Apollo Funds has acquired travel brand The Travel Corporation (TTC), which has been privately owned and operated for more than a century.

The announcement that the two companies have entered into a definitive agreement was made today (July 16).

The transaction comprises 18 leading brands, including escorted tour operator Trafalgar; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, a youth travel specialist tour company; premium guided-vacation company Insight Vacations; as well as other global travel brands and supporting business entities.

“For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation,” said TTC Chairman Brett Tollman. “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.”

“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,” said Apollo private equity partner Michele Raba. “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 were 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, while Zaoui & Co served as TTC’s financial advisor.

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