TBO is making a major play for the North American luxury travel market. The India-based travel distribution platform announced it has entered into an agreement to acquire U.S.-based Classic Vacations from The Najafi Companies in a deal valued at up to $125 million.
The acquisition pairs TBO’s global technology and distribution capabilities with Classic Vacations’ long-established reputation among luxury travel advisors and suppliers. San Francisco-based Classic Vacations reported $111 million in revenue and $11.2 million in operating EBITDA in 2024.
“We’re thrilled to bring Classic Vacations into the TBO family,” Gaurav Bhatnagar, TBO’s co-founder and joint managing director, said in a statement. “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.”
Founded nearly five decades ago, Classic Vacations has built its brand around serving elite, high-value travel advisors with customized luxury experiences. It will continue to operate as an independent brand under the leadership of CEO Melissa Krueger, while tapping into TBO’s platform for expanded resources.
“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,” Krueger said in a statement. “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.”
The Najafi Companies, which acquired Classic Vacations in 2021 from Expedia Group, said the deal was a logical next step.
“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,” added Jahm Najafi, founder and CEO of The Najafi Companies.
Financial advisory firm Moelis & Company served as exclusive adviser to Classic Vacations, with Ballard Spahr LLP as legal counsel. Cooley LLP and PwC represented TBO in the transaction.
The deal underscores the growing importance, and competition, in the global luxury travel space, as demand is projected to surge over the next decade.
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