Apollo Funds to acquire The Travel Corporation

Global alternative asset manager Apollo Funds will acquire The Travel Corporation (TTC). Terms of the deal have not been made public.

“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 Michele Raba, private equity partner of Apollo.

The sale comes after TTC, which is made up of 18 brands including Contiki, Uniworld Boutique River Cruises, Insight Vacations and Trafalgar, spent more than a century as an entity privately owned and operated by the Tollman family, led by chairman Brett Tollman.

Apollo said some TTC brands are not included in the sale, notably the Red Carnation Hotel Collection, which will remain under Tollman family ownership.

The transaction will be subject to approval of a number of closing conditions such as regulatory approvals. It’s anticipated to wrap in the fourth quarter of this year. 

Tollman said that his family has built the group into an industry leader with a reputation for “exceptional service and innovation” over the last 104 years – and noted that now is the right time for the company to change hands.

“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,” Tollman said.

“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.”

In 2021, TTC’s Tollman sat down with PhocusWire to discuss his career journey and more. At the time, TTC operated in 70 countries with more than 40 offices and upwards of 10,000 employees. Watch the full interview below.