India’s TBO Buys Luxury Tour Operator Classic Vacations

Luxury tour operator Classic Vacations has a new owner.

Gurugram, India-based global travel distribution company TBO has purchased Classic Vacations from its current owner, the Phoenix-based investment firm The Najafi Companies, for “up to $125 million.”

The deal gives Classic its third owner in the last five years; Expedia Group owned Classic before selling it to The Najafi Companies in 2021.

Classic is one of the premier U.S. luxury vacation companies and has always operated under a B2B2C model, with a strong presence in the travel trade. The move from The Najafi Companies to TBO will only enhance that dedication, Melissa Krueger, the CEO of Classic, said in the announcement.

“We’re excited for this next phase in our company’s journey,” said Melissa Krueger, CEO of Classic Vacations. “TBO’s tech-centric solutions are geared fully toward our travel advisor community. 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.”

According to the announcement, Classic Vacations delivered a revenue of $111 million and an operating EBITDA of $11.2 million in the fiscal year ended Dec. 31, 2024.