The transaction is comprised of all 18 brands of the 104 year old privately managed company.
TTC’s Chairman, Brett Tollman, stated that it was time to see the company, and also outlining the importance of selecting a new owner that shared the same values and vision.
“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,” said Tollman.
Apollo Private Equity Partner Michele Raba 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 look forward to building on its legacy in an exciting next chapter in which TTC can serve as a platform for growth.”
The transaction is comprised of 18 leading brands, including Trafalgar, a leading escorted tour operator; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, youth travel specialist tour company; premium guided vacation company, Insight Vacations; as well as other global travel brands and supporting business entities.
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024. Certain brands are not included in the sale, notably The Red Carnation Hotel Collection. Financial terms of the transaction are not disclosed.
Apollo
Apollo is a global alternative asset manager. In their asset management business, they seek to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. As of March 31, 2024, Apollo had approximately $671 billion of assets under management.