Apollo and The Travel Corporation (TTC) have announced a definitive agreement for Apollo-managed funds to acquire TTC, a privately owned and operated company with over a century of history. The acquisition encompasses 18 leading travel brands, including Trafalgar, Uniworld Boutique River Cruises, Contiki, and Insight Vacations, along with other global travel brands and supporting business entities.
TTC Chairman Brett Tollman cited the lack of a next generation to lead the company as the reason for the strategic succession plan. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and certain closing conditions. Financial terms were not disclosed, and some brands, notably The Red Carnation Hotel Collection, will remain under the Tollman family's stewardship.
Apollo Funds, managed by Apollo Global Management, is a high-growth, global alternative asset manager. With a focus on yield, hybrid and equity investing strategies, Apollo seeks to provide clients with excess returns across the risk-reward spectrum. The company has approximately $671 billion of assets under management as of March 31, 2024. Apollo's expertise spans three decades, offering capital solutions for business growth and financial return needs. Through its retirement services business, Athene, Apollo also specializes in providing retirement savings products and institutional solutions for financial security.
Editor’s Note: This article was generated by AI, based on a press release distributed by The Travel Corporation. It has been fact-checked and reviewed by a TravelAge West editor.
