The Travel Corporation (TTC), a century-old travel group founded by the late Stanley Tollman, comprising 18 brands, will be sold to Apollo Funds, a private equity firm. This deal is expected to be completed by the end of 2024.
TTC’s portfolio includes notable brands such as Trafalgar, Uniworld, Contiki, and Insight Vacations. The Red Carnation Hotel Collection is not included in the sale and will remain under Tollman family ownership.
Chairman Brett Tollman explained the decision: “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.”
Tollman 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.”
Michele Raba, Apollo private equity partner, stated: “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.”
Apollo’s other travel industry holdings include the Venetian Resort Las Vegas, Hilton Grand Vacations, Sun Country Airlines, and American Express Global Business Travel.