One of the world’s biggest travel companies has been sold, and a family-owned travel dynasty is no more.
The Travel Corporation (TTC) and Apollo-managed funds on 16JUL announced they have entered into a definitive agreement for Apollo Funds to acquire TTC, which has been privately owned and operated for more than a century.
The TTC has been a major presence in Canada and the U.S. for years. The company includes 18 leading brands, including Trafalgar, a leading escorted tour operator; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, a youth travel specialist tour company; premium guided vacation company Insight Vacations; and other global travel brands and supporting business entities.
The company is based in Cypress, California and has thousands of employees at offices on six continents, including one in Toronto.
“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.”
Certain brands, notably The Red Carnation Hotel Collection, are not included in the sale and will remain under the continued stewardship of the Tollman family.
No Surprise, Says Former TTC Exec
"I don’t think it is a big surprise," said one former senior member of the TTC Canada team. "Their comment about a next generation is true. There is a big gap in years to the next generation.
"They are a great family that I got to know well over my 27 years there," the former employee told Open Jaw in an email. "A really good group of people with varied interest. I am confident that the new owners will take them and the organization to new heights."
“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,” Apollo Private Equity Partner Michele Raba said. “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 the satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024.
The financial terms of the transaction were not disclosed.
