The Travel Corporation (TTC) has agreed to be sold to private equity company Apollo Funds for an undisclosed sum.
TTC’s global portfolio consists of 18 brands, including escorted tour operator Trafalgar, Uniworld Boutique River Cruises, Insight Vacations, youth travel specialist Contiki, and Celtic travel expert Brendan Vacations among others. The company was set up by the Tollman family.
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 deal is subject to regulatory approvals but is expected to close in the fourth quarter of 2024.
TTC’s The Red Carnation Hotel Collection is not included in the sale and will remain part of the Tollman family.
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TTC’s global portfolio consists of 18 brands, including escorted tour operator Trafalgar, Uniworld Boutique River Cruises, Insight Vacations, youth travel specialist Contiki, and Celtic travel expert Brendan Vacations among others. The company was set up by the Tollman family.
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 deal is subject to regulatory approvals but is expected to close in the fourth quarter of 2024.
TTC’s The Red Carnation Hotel Collection is not included in the sale and will remain part of the Tollman family.
The post The Travel Corporation to be bought by private equity firm appeared first on Travel Gossip.
Continue reading...
