AMERICAN asset management firm Apollo Funds has entered into a definitive agreement to acquire family-owned The Travel Corporation (TTC).
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of the year, which will see TTC brands change hands, such as Uniworld Boutique River Cruises.
The transaction will be the first time Uniworld has changed hands in 20 years, after TTC purchased the cruise line in 2004.
Other brands included in the transaction include Trafalgar, Contiki, and Insight Vacations, however many others will remain in the hands of current owners the Tollman family.
“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,” he added.
The Tollman family has owned the company for over a century.
“For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation,” the company’s Chair Brett Tollman said.
“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,” he added.
“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,” Tollman added. MS