Apollo Acquires The Travel Corporation in Bet on Group Tours

Apollo Global Management, an asset management company and private equity firm, and The Travel Corporation (TTC), a private travel company that owns 18 travel brands, announced an agreement for Apollo-managed funds to acquire TTC.

TTC is one of the largest privately held travel companies in the world and it has been family-owned for a century. TTC was founded in South Africa in 1920 by Solomon Tollman and has stayed in the family since.

The acquisition includes TTC tour brands such as Trafalgar, Uniworld Boutique River Cruises, Contiki, and Insight Vacations.

Apollo had managed around $671 billion in assets as of March this year.

The agreement between the two companies, which is still subject to regulatory approvals, is expected to close in the fourth quarter of 2024.

Certain brands, notably The Red Carnation Hotel Collection, will remain under the Tollman family. Financial terms were not disclosed.

In an interview with Skift last week, TTC’s CEO in Asia, Nick Lim, spoke about the rising demand for group tours among younger generations. 

“Previously, group tours were popular among retirees. Now, we see younger travelers, particularly on our Contiki tours which are exclusively for 18 to 35, and even on our luxury brands like Insight Vacations, attracting those in their mid-30s to 45.”

Earlier this year, TTC announced intentions to reduce the impact of tourism on the environment and it teamed up with a new communications firm in the UK. In its latest annual report, it showed strong post-Covid recovery and growth across its brands. Some of its brands, including Insight Vacations and Contiki, have been experiencing steady growth.