Apollo, a private equity firm, and TTC have entered into a definitive agreement for Apollo-managed funds to acquire TTC.
The transaction spans 18 leading brands under the TTC umbrella, including Uniworld, Trafalgar, Contiki and more. The Red Carnation Hotel Collection and others will remain under the Tollman family's ownership.
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 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."
Apollo private equity partner Michele Rab vowed that TTC brands "can [be] take[n] to the next level as an Apollo Funds portfolio company, leveraging our extensive experience in the travel, tech and hospitality sectors."
"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," Tolliman concluded.
The acquisition is expected to close in Q4 2024.
