Apollo Funds to accumulate The Journey Company

World different asset supervisor Apollo Funds will purchase The Travel Corporation (TTC). Phrases of the deal haven’t been made public.

“TTC has a number one assortment of manufacturers that we consider we will take to the following degree as an Apollo Funds portfolio firm, leveraging our in depth expertise within the journey, tech and hospitality sectors,” stated Michele Raba, non-public fairness companion of Apollo.

The sale comes after TTC, which is made up of 18 manufacturers together with Contiki, Uniworld Boutique River Cruises, Insight Vacations and Trafalgar, spent greater than a century as an entity privately owned and operated by the Tollman household, led by chairman Brett Tollman.

Apollo stated some TTC manufacturers are usually not included within the sale, notably the Red Carnation Hotel Collection, which can stay beneath Tollman household possession.

The transaction will probably be topic to approval of various closing situations resembling regulatory approvals. It’s anticipated to wrap within the fourth quarter of this yr. 

Tollman stated that his household has constructed the group into an business chief with a popularity for “distinctive service and innovation” over the past 104 years – and famous that now could be the precise time for the corporate to vary fingers.

“With out a subsequent era to steer TTC, the time has are available in our strategic succession plan to pick a brand new proprietor with a confirmed monitor document and who shares in our imaginative and prescient and customer-first values,” Tollman stated.

“We’ll assist a seamless transition and are assured the workforce at Apollo will proceed driving the enterprise ahead to fulfill rising world demand for touring, river cruising and specialist and journey journey.”

In 2021, TTC’s Tollman sat down with PhocusWire to debate his profession journey and extra. On the time, TTC operated in 70 nations with greater than 40 places of work and upwards of 10,000 staff. Watch the total interview beneath.