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Travel Corp. goes up the river with deal for Uniworld

Andy Fixmer

An affiliate of Travel Corp. has purchased Encino-based Uniworld Global Inc., which claims to being one of the world's largest river cruise operators, for about $75 million, according to a source told of the transaction.

In a statement, Travel Corp. confirmed the purchase but did not disclose details of the transaction.

The company has been renamed Uniworld River Cruises SA and will continue to operate independently.

Travel Corp., based in Bermuda, owns Trafalgar Tours Ltd., which runs guided luxury bus tours of Europe, Asia, Australia, Canada and the United States.

"The addition of Uniworld to Travel Corp.'s group of companies will create tremendous synergy among the various brands," its president, Michael Ness, said in the statement.

Uniworld was founded in 1976 by Serba Ilich, who will remain as non-executive chairman, "enabling him to pursue personal opportunities," according to the Travel Corp. statement.

Ilich didn't respond to messages left for him at Uniworld. In the statement, he said he believed the purchase will allow the company to expand its operations.

Brian Stevenson, currently Uniworld's chief operating officer, has been appointed as president and chief executive, with responsibilities for day-to-day operations. He did not return calls seeking comment.

The company's main competitor is Woodland Hills-based Viking River Cruises Inc. The two firms account for nearly a third of the world's river cruise business.

Jeff Dash, Viking's president, said he viewed Uniworld's acquisition as an affirmation that the river cruise industry is healthy.

"This is about people trying to become part of one of the fastest growing segments of the travel industry," he said. "Still, it's too early to say if this will spark a consolidation within the industry."

"The river cruise industry has been around 25, 30 years," he said, "but its renaissance has really been in the last five years."

River cruises, which use luxurious ships similar in amenities to ocean cruise lines, have become increasingly popular in Europe and Asia. The cruises, which meander inland waterways docking each night in different port towns, average in price from about $260 a day for a European cruise, $250 a day in China and $160 a day for tours of Russia.

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