US-based cruise retail specialist World Travel Holdings has secured an undisclosed investment from private equity firm Citation Capital, with plans to invest in the future growth of the business.
The deal sees co-founders and co-chief executives Jeff and Brad Tolkin “continue to hold significant ownership interest and lead day-to-day operations” of the company, which operates UK brands Cruise 118, Six Star Cruises and River Voyages.com under its WTH (UK) subsidiary.
In addition to its UK brands, World Travel Holdings describes itself as “an asset-light demand aggregation platform encompassing blue-chip loyalty, membership and rewards partners and franchise agencies across North America”.
It generates more than $2.5 billion in annual booking revenue.
Jeff Tolkin said: “This partnership marks an exciting new chapter for World Travel Holdings. “Over more than two decades, we have built a platform that serves blue-chip partners, franchisees and travellers through a combination of proprietary technology, deep supplier relationships, and differentiated distribution capabilities.
“We believe Citation is the right partner to help us continue to scale.”
Brad Tolkin added: “Many of our colleagues have been with World Travel Holdings for more than 20 years, and their expertise across cruise, technology, and partner relationships is the foundation of everything this platform does.
“We are excited to partner with Citation as we continue to invest in our people and build on what we have created together.”
Lydie Hudson, co-founder and president of Citation, said: “Jeff and Brad have built an exceptional business alongside a highly experienced management team, serving a large and growing segment of consumers who are increasingly prioritising real-life, high-quality travel experiences.
“We look forward to partnering with Jeff, Brad and the full World Travel Holdings team to build on this momentum and meet growing demand.”