US asset management firm Apollo has acquired the parent company of Uniworld Boutique River Cruises, The Travel Corporation (TTC) from the Tollman family.
The transaction marks the end of more than 100 years of private, family ownership of TTC, which includes brands such as Trafalgar, Contiki, and Insight Vacations
The sale is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other closing conditions
The Red Carnation Hotel Collection and other brands will not be included in the sale, remaining under the stewardship of the Tollman family; financial terms of the transaction have not been disclosed. Apollo plans to take TTC brands to the next level with a focus on growth and innovation.
Brett Tollman of TTC said: “For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation. 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.”
Michele Raba of Apollo Private Equity partner said: “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. 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.”
