India’s outbound tourism market is expected to reach $55.4 billion by 2034, annual growth of over 11%, according to a new report by Indian commerce body FICCI (Federation of Indian Chambers of Commerce & Industry). The market is projected to reach $18.8 billion in 2024.
The Travel Corporation To Be Acquired by Apollo Funds
16.07.2024 - 20:27 / travelpulse.com / Lacey Pfalz
(Courtesy of The Travel Corporation)
The Travel Corporation (TTC), a 104-year-old privately owned and operated travel company which comprises eighteen brands including Contiki, Trafalgar, Uniworld Boutique River Cruises and Insight Vacations, entered into an agreement for Apollo Funds to acquire the company.
Apollo is a high-growth, global alternative asset manager with around $671 billion of assets under management.
“For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation,” said TTC Chairman Brett Tollman. “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. 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.”
The acquisition is subject to closing conditions, including regulatory approvals, but is expected to be finalized in the fourth quarter of the year. Some brands are not included in the sale, including The Red Carnation Hotel Collection, which will remain under the Tollman family’s ownership.
“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,” said Apollo Private Equity Partner Michele Raba. “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.”
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