Apollo (NYSE: APO) and The Travel Corporation (TTC) have announced a definitive agreement for Apollo-managed funds (the “Apollo Funds”) to acquire TTC, which has been privately owned and operated for over a century.
This transaction includes 18 prominent brands, such as Trafalgar, a leading escorted tour operator; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, a specialist in youth travel; and Insight Vacations, a premium guided vacation company. Additionally, the acquisition encompasses other global travel brands and supporting business entities.
Michele Raba, Apollo Private Equity Partner, commented that TTC has a premier collection of brands that they believe can be elevated further as part of the Apollo Funds portfolio. By leveraging their extensive experience in the travel, tech, and hospitality sectors, they look forward to advancing its legacy into an exciting new chapter of growth.
TTC’s Chairman stated their family has built TTC into an industry leader known for exceptional service and innovation over the past 104 years. With no next generation to lead TTC, the time has come in their strategic succession plan to select a new owner who has a proven track record and shares their vision and customer-first values. They will support a seamless transition and are confident Apollo will continue driving the business forward to meet growing global demand for touring, river cruising, and specialist adventure travel.
The transaction is subject to certain closing conditions, including regulatory approvals, and is anticipated to close in 2024-Q4.
Notably, The Red Carnation Hotel Collection is not included in the sale.
Financial terms of the transaction have not been disclosed.