Apollo and The Travel Corporation (TTC) announced a definitive agreement where Apollo-managed funds will acquire TTC.

The transaction includes 18 brands, such as Trafalgar, a tour operator; Uniworld Boutique River Cruises; Contiki; Insight Vacations; and others.

TTC Chairman Brett Tollman said: “For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation. Without the 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 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.”

Apollo Private Equity Partner Michele Raba added: “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.”

The transaction is pending regulatory approvals and other closing conditions, anticipated to be finalized in the fourth quarter of 2024. Excluded from the sale are specific brands, notably The Red Carnation Hotel Collection, which will continue to be managed by the Tollman family. Financial details of the transaction have not been disclosed.