After 104 years of ownership by the Tollman family, The Travel Corporation (TTC) has announced that it has been acquired by global asset management company, Apollo Funds.
TTC is a household name in South African travel circles. The company was started by Stanley Tollman, who left his studies at the age of 19 to help his parents Solomon and Evelyn Tollman run a hotel in Johannesburg.
Stanley Tollman and his wife Bea went on to build the Tollman Towers Hotel in the 1970s, and this quickly became the premier venue in Johannesburg where the ‘beautiful people’ came to see and be seen. This was the start of TTC, which grew to carry 40 brands and employ 10 000 people before Stanley Tollman’s death in October, 2021 at the age of 91.
Bea Tollman has continued to leave her unmistakable stamp of elegance and good taste on the properties in the other family business portfolios.
In the agreement, TTC will hand over 18 of its global brands, including Trafalgar, Uniworld Boutique River Cruises, Contiki and Insight Vacations, among others. The Red Carnation Hotel Collection and the Cullinan Group of Companies will remain under the stewardship of the Tollman family.
Apollo Funds is a 30-year-old asset management company that is listed on the New York Stock Exchange.
“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,” said Michele Raba, Apollo Private Equity Partner.
The financial terms of the transaction remain undisclosed and the sale is still subject to certain closing conditions and regulatory approvals, but it is expected to be finalised in the fourth quarter of 2024.
“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,” said Brett Tollman, TTC Chairman.
He said the company was committed to supporting a seamless transition of ownership and was confident that Apollo would continue driving the success of the business.
