After 104 years under the Tollman family’s leadership, The Travel Corporation (TTC) has begun a new era with a change in ownership. In an exclusive interview with Karryon, newly appointed TTC Chair Carl Leaver shares his insights on Apollo’s acquisition, its impact, and what travel advisors and the broader trade can collectively expect on the road ahead.
In a landmark moment for the Tollman family, its global workforce, and the travel industry, The Travel Corporation (TTC)—home to iconic brands like Trafalgar, Insight Vacations, Contiki, and Uniworld Boutique River Cruises—officially handed over the company keys to New York-based private equity firm Apollo Global Management on 1 November 2024.
That same day, TTC ushered in a new era for its Australia and New Zealand operations with a leadership realignment. Longtime CEO Dave Hosking retired after an extraordinary 40-year career with the company. While his role will not be replaced, Toni Ambler assumed leadership of TTC Tour Brands Oceania as Managing Director.
From its humble beginnings in 1920 in the fishing village of Paternoster, South Africa, TTC’s 104 year journey serves as a powerful reminder of Heraclitus’ timeless adage: “The only constant is change.”
Just days later, newly appointed Chair of TTC Carl Leaver flew in to Australia from the UK for his first face-to-face visit, hitting the ground running to begin this evolutionary chapter. Tasked with a clear focus on listening, learning, and providing reassurance to all stakeholders about the road ahead, his whirlwind tour included meetings with Travel Corporation staff, commercial partners, and myself.
“We’re only ten days in, but so far, so good,” Leaver told me, acknowledging the still very early stage of the takeover transition. “This is a fantastic business with strong brands and talented people. There’s significant potential here, and we’re excited to explore the opportunities ahead.”
While still a relative newcomer to the travel industry, Leaver is a seasoned British business executive with extensive high-level experience in various industries, including media and mobile communications, retail, gaming, and wealth management.
Will Apollo invest in TTC’s brands?
Asked how Apollo plans to strengthen The Travel Corporation’s market position, Leaver noted that while the acquisition was a significant move for the travel industry, it was relatively modest in size from Apollo’s financial standpoint.
For context, as of June 30, 2024 (prior to the TTC acquisition), Apollo’s assets under management (AUM) totalled approximately USD$696 billion (around AUD$1.06 trillion). That’s more than four times larger than the market capitalisation of Australia’s biggest company, the Commonwealth Bank of Australia.
While the details of the TTC purchase are, of course, undisclosed, this insight offers a glimpse into Apollo’s investment power and larger ambitions for TTC’s future growth.
“Apollo views this as just the beginning,” Leaver explained. “They have a strong interest in investing more in the travel sector. We plan to increase investment in our key brands, which may not have received as much support compared to others in the market over the years. We also see opportunities to enhance our relationships with trade partners and grow the business together.”
Leaver emphasised that potential mergers and acquisitions will also be considered as part of their growth strategy and that technology upgrades are a key priority to strengthen TTC’s platform for sustainable expansion.
How will TTC navigate changes while maintaining core values?
While the change in ownership will inevitably bring new directions and strategies, Leaver reassured travel advisors that The Travel Corporation’s core values would remain a focal point.
“One of the things that attracted Apollo to this business is the quality of its people.”
“If you were buying a business to change the culture fundamentally, then kind of good luck to you. Culture is about the people in the business, and it’s formed over multiple years, if not, in this case, generations,” he said.
Leaver’s remarks convey a deep respect for the legacy established by the Tollman family while recognising the need to embrace a more data-driven approach typical of private equity firms—a crucial balance often overlooked in past takeovers, sometimes with costly consequences.
“This business is delivering unbelievable NPS (Net Promoter Scores) that, frankly, I have never seen in my career. They’re in the 70s and 80s. That’s astonishingly high.
“The last thing we want is disruption,” he said. “We’re here to build on the strengths of the business while respecting what makes TTC unique. The family-led culture brought a strong, intuitive approach to decision-making. Moving forward, we’ll implement more structured, fact-based decisions, but the essence of what TTC stands for remains unchanged.”
What are the opportunities in the trade and retail markets?
A key theme throughout the interview was the importance of maintaining strong trade relationships, a cornerstone of TTC’s business model, especially in the ANZ market.
“Investment in the trade is critical,” Leaver emphasised. “Apollo understands this, and they’re prepared to support growth across all areas. Our advisor partners have been the backbone of our success, and we want to ensure they continue to feel valued and supported.”
Touching on how the new owners will maintain The Tollman’s tenacious attention to detail mantra and ‘Driven by Service since 1920’ proposition, Leaver noted Apollo will aim to bring “More agility, more innovation and maybe a bit more empowerment down through the organisation, but fundamentally sticking to that critical driving principle that it’s all about the customer’s experience.”
Will TreadRight remain owned by TTC?
When asked about the future of TreadRight, TTC’s legacy sustainability foundation, Leaver, confirmed that it will remain a core part of the company’s mission.
“We felt very strongly that it should remain as part of TTC, particularly because it’s something that the team are so proud of. There was a lot of concern around the time that the deal was announced about where TreadRight would fall, whether it would stay with the family, or whether it would come across. The family very kindly agreed that it could come across, and so TreadRight remains firmly part of what TTC is all about,” said Leaver.
Confirming TreadRight’s leadership, Leaver said, “Shannon Guihan will continue as Chief Sustainability Officer, and Apollo’s own ESG commitments align well with our sustainability goals.”
The reassurance of TreadRight’s continuity will be positive news for staff, advisors and clients who value TTC’s commitment to responsible travel and environmental sustainability, particularly through its ‘Make Travel Matter’ experiences. “This remains a priority for us,” Leaver added.
For more on TTC’s sustainability efforts, read our feature here.
What’s the message to travel advisors and the trade?
Wrapping up our interview, Leaver conveyed a clear message to The Travel Corporation’s trade partners: “More of the same, but better.” He emphasised that the acquisition is about growth and improvement, not drastic changes.
“There’s no sudden shift in strategy here,” Leaver concluded. “We’re focused on investing more in our brands, enhancing our relationships, and improving the technology that supports our business.”
“There’s only one way that Apollo makes a return on its investment, and that’s to carry more passengers progressively, year on year. And you don’t do that unless you’re working as a better partner and delivering better customer service. The only way of actually delivering those two things is by having a team of people behind the business who are happy, engaged and feeling valued.”
For more on TTC Tour Brands new global CEO, Melissa DaSilva, read our feature here.
For more on Gavin Tollman’s passing the torch, read our feature here.
