(Courtesy of Travel Corporation)
The Travel Corporation (TTC), a 104-year-old privately owned and operated travel company with 18 brands including KonTiki, Trafalgar, Uniworld Boutique River Cruises and Insight Vacations, has signed an agreement to be acquired by Apollo Funds.
Apollo is a rapidly growing global alternative asset manager with approximately $671 billion in assets under management.
“For more than 104 years, our family has built TTC into an industry leader known for superior service and innovation,” said TTC Chairman Brett Tallman. “With no next generation to lead TTC, the time has come for our strategic succession planning to select a new owner who has a proven track record and shares our vision and customer-first values. We will support a smooth transition and are confident that Apollo’s team will drive the business forward and continue to meet the growing global demand for touring, river cruises, specialty and adventure travel.”
The acquisition is subject to regulatory approvals and other closing conditions and is expected to close in the fourth quarter of this year. Certain brands, including the Red Carnation Hotel Collection, will not be included in the sale and will remain owned by the Tollman family.
“TTC has a premier brand that we believe we can take to the next level as an Apollo Funds portfolio company, leveraging our extensive experience across the travel, technology and hospitality sectors,” said Michel Raba, Apollo Private Equity Partner. “We thank the Tallman family for trusting us with the business they’ve built over more than a century, and we look forward to an exciting next chapter where TTC can serve as a platform for growth.”
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