One of the leading travel giants has officially changed hands, marking the end of an era for the family behind The Travel Corporation (TTC). On July 16, 2024, TTC announced its acquisition by Apollo-managed funds, concluding a century-long chapter of family ownership.
The Travel Corporation: An Overview
Headquartered in Cypress, California, TTC has established itself as a major player in the global travel industry, with a diverse portfolio that includes renowned brands such as Trafalgar, a leader in escorted tours, Uniworld Boutique River Cruises, which offers luxury river cruise experiences, and Contiki, catering to youthful travelers. Other significant entities include Insight Vacations and several supporting businesses operating across six continents, including a prominent office in Toronto.
A Family Legacy Transition
Brett Tollman, Chairman of TTC, expressed his thoughts on the transition: “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 who shares our vision and customer-first values.” He emphasized the commitment to a smooth transition and expressed confidence in Apollo’s ability to continue to advance the business amidst rising global travel demand.
What’s Next for The Travel Corporation?
Not all of TTC’s brands will be included in the sale, with notable exclusions like The Red Carnation Hotel Collection remaining under family stewardship. This allows the Tollman family to maintain a presence in the industry while placing the larger company in new hands.
Reactions from the Industry
The transition has garnered a mixed reception; a former executive from TTC Canada shared, “I don’t think it is a big surprise. There is a significant gap to the next generation.” This sentiment reflects the acknowledgment of the Tollman family’s longstanding commitment to the company and a hopeful perspective towards Apollo’s stewardship.
Apollo’s Vision for the Future
Michele Raba, Private Equity Partner at Apollo, stated, “TTC has a leading collection of brands that we believe we can take to the next level… We thank the Tollman family for trusting in our good stewardship of the business they’ve built for more than a century.” This highlights Apollo’s ambition to utilize their extensive experience in travel, technology, and hospitality to drive future growth.
Conclusion: A New Chapter Ahead
This acquisition is pending regulatory approvals and is anticipated to close in the fourth quarter of 2024. Although financial details have not been disclosed, this major shift in ownership signals a significant change in the travel landscape as TTC prepares for its next chapter.
