Gurugram-based TBO has announced plans to acquire US-based Classic Vacations from Phoenix-headquartered investment firm The Najafi Companies in a deal valued at up to $125 million. The Najafi Companies had earlier acquired Classic Vacations in 2021 from Expedia Group.
TBO stated that the acquisition will integrate its technology-driven platform and global inventory with Classic Vacations’ wide network of luxury travel advisors and suppliers. For the fiscal year ending December 31, 2024, Classic Vacations posted $111 million in revenue and an operating EBITDA of $11.2 million.
This move enables TBO to expand into the premium outbound travel segment, aligning its growth with Classic Vacations’ exclusive B2B brand and high-value advisor network, strengthened by nearly five decades of expertise and brand recognition.
Founded in 2006, TBO is a global travel distribution platform focused on simplifying the buying and selling of travel services. By leveraging technology, it connects over 159,000 travel buyers with 1 million travel suppliers across more than 100 countries at scale.
“We’re thrilled to bring Classic Vacations into the TBO family—the company’s longstanding delivery of outstanding services has earned the trust of its more than 10,000 travel advisors in the U.S. and their end customers, making them a seamless fit for our vision moving forward in the fast-evolving travel and tourism industry,” said Gaurav Bhatnagar, TBO’s cofounder and Jt. Managing Director. “Classic Vacations is led by a strong team of experts and will continue as an independent brand while leveraging TBO’s technology and distribution capabilities to grow their business.”
“This acquisition continues to further our strategy to invest in both organic and inorganic growth opportunities. As we start working on integrating Classic Vacations with TBO, we will remain open to similar strategic alliances going forward,” said Ankush Nijhawan, cofounder and Jt. Managing Director of TBO.
“We’re excited for this next phase in our company’s journey—TBO’s tech-centric solutions are geared fully toward our travel advisor community,” said Melissa Krueger, CEO of Classic Vacations. “TBO connects us to its first-class technology platform unlike what the wholesale market has ever had access to—allowing us to bring even more resources, tools, and insider connections to our valued travel advisors.”
“Together, we’re strengthening Classic Vacations’ position as the premier luxury partner in the market while extending our reach onto the global stage, reflecting the worldwide footprint of our most important customers and supplier partners,” Krueger added.
“This acquisition and partnership is a natural next step for our portfolio company Classic Vacations, and we’re happy to have worked successfully with them for the last four years, maximizing the company’s strengths and expertise in luxury travel. With a proven track record of delivering value to partners and travelers alike, Classic is uniquely positioned to lead the industry forward, building on its legacy of performance for years to come,” said Jahm Najafi, founder and CEO of The Najafi Companies.
In this transaction, Moelis & Company LLC served as the exclusive financial advisor, and Ballard Spahr LLP acted as the legal advisor to Classic Vacations. On the other side, Cooley LLP advised TBO on legal matters, while PwC provided financial and tax advisory services.
