Apollo (NYSE: APO) and The Travel Corporation (TTC), a global portfolio of 18 leading travel brands, have jointly announced a definitive agreement for Apollo-managed funds to acquire TTC. This marks a significant development for The Travel Corporation, a family-owned business with over a century of history in the travel industry. The transaction, which includes renowned brands like Trafalgar, Uniworld Boutique River Cruises, and Contiki, is poised to propel TTC into a new phase of growth and innovation under Apollo’s stewardship.
The acquisition encompasses 18 of TTC’s prominent brands, showcasing a diverse range of travel experiences. Among these are Trafalgar, known for its expertly crafted escorted tours; Uniworld Boutique River Cruises, specializing in luxury all-inclusive river cruises; Contiki, a leader in youth travel tours; and Insight Vacations, recognized for its premium guided vacations. This portfolio also includes other globally recognized travel brands and supporting business entities that contribute to TTC’s comprehensive service offerings.
Michele Raba, Apollo Private Equity Partner, highlighted the strategic rationale behind the acquisition, stating, “TTC boasts an impressive collection of leading brands, and we believe in our ability to elevate them further as part of Apollo Funds. We intend to leverage our extensive experience within the travel, tech, and hospitality sectors to build upon TTC’s rich legacy. This acquisition represents an exciting chapter, where TTC can serve as a robust platform for significant growth and expansion.”
Reflecting on the decision, TTC’s Chairman acknowledged the natural progression of the company’s strategic succession plan. “For over a century, our family has dedicated itself to building The Travel Corporation into a hallmark of exceptional service and innovation. As we look to the future and the absence of a next generation to lead TTC within our family, we have identified Apollo as the ideal new owner. Their proven track record and shared commitment to our vision and customer-first values instilled confidence in our decision. We are committed to ensuring a smooth transition and are confident that Apollo’s team will successfully guide the business towards continued success, capitalizing on the increasing global demand for touring, river cruising, and specialist and adventure travel.”
Image of Trafalgar tours bus
The transaction is anticipated to be finalized in the fourth quarter of 2024, pending customary closing conditions, including necessary regulatory approvals. Notably, The Red Carnation Hotel Collection is not included in this acquisition and will remain under existing ownership. The financial details of the transaction remain undisclosed.
Apollo, as a high-growth global alternative asset manager, manages approximately $671 billion in assets as of March 31, 2024. The firm focuses on delivering excess return across the investment spectrum, from investment grade to private equity, with core strategies in yield, hybrid, and equity investments. Apollo’s integrated platform and expertise aim to provide innovative capital solutions and support growth for businesses. Through its retirement services business, Athene, Apollo also specializes in retirement savings products, contributing to clients’ financial security.
The Travel Corporation, even after more than a century in operation, remains dedicated to its ‘Driven by Service’ philosophy. This acquisition by Apollo is expected to enhance TTC’s capacity to deliver exceptional experiences and value to travelers, guests, and partners worldwide, leveraging Apollo’s resources and expertise to further solidify its position in the global travel market.
Image of Uniworld Boutique River Cruise ship
This acquisition signals a promising future for The Travel Corporation as it embarks on this new chapter with Apollo, poised to capitalize on Apollo’s investment and operational expertise to enhance its already impressive portfolio of travel brands and further enrich travel experiences for customers globally. The travel industry watches with anticipation as this partnership unfolds, promising continued innovation and exceptional service from The Travel Corporation under Apollo’s ownership.
