The Travel Corporation (TTC), the iconic travel brand founded, owned, and operated by the Tollman family for over a century is being sold. The company, which counts Trafalgar, Insight, Contiki, and Uniworld River Cruises amongst its portfolio of 40 brands, has entered an agreement to be acquired by global asset manager Apollo, which counts Yahoo and the Venetian resort in Las Vegas amongst its US$671 billion of assets under management.
“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,” stated Apollo Private Equity Partner Michele Raba. “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.”
“For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation,” said TTC Chairman Brett Tollman. “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.”
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 and will remain under the continued stewardship of the Tollman family. Financial terms of the transaction are not disclosed.
The Travel Corporation, which has an office in Toronto, was founded in South Africa in 1920 by Stanley Tollman and grew into a global travel powerhouse that also notably includes the not-for-profit Tread Right Foundation.