US-BASED asset manager Apollo Funds has purchased The Travel Corporation (TTC) for an undisclosed sum, with the deal including many of the company’s brands, including Trafalgar, Uniworld, Contiki and Insight Vacations.
The sale doesn’t include, however, several other brands, including the ultra-luxury Red Carnation Hotel Collection division.
Discussing the rationale behind offloading the bulk of the TTC business to an outside asset manager after 104 years as a family-run affair, TTC Chairman Brett Tollman said it was time to implement a new path to take the business forward.
“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,” he 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.”
Apollo said that TTC’s brands would be a great fit for its growing asset portfolio given its previous experience expanding other travel businesses. The deal is expected to finalise in the last quarter of 2024, after undergoing a formal review.
