On September 14, 2026, a subsidiary of Lindblad Expeditions Holdings, Inc. entered into an agreement to acquire a controlling interest in three United Kingdom-based companies: White Desert Ltd, PNR Airways Ltd, and Echo Charlie Ltd. The company acquired a 60% controlling interest in each of the entities for an aggregate cash purchase price of approximately $61 million, plus approximately $6 million for cash on the balance sheet. The transaction is subject to customary true-up adjustments for working capital, cash, and indebtedness.
White Desert, founded in 2005 by polar explorer Patrick Woodhead, specializes in luxury expeditions to the interior of Antarctica, offering itineraries such as visits to the Geographic South Pole and Emperor penguin colonies. The company employs over 150 staff representing 18 nationalities. The company also acquired a majority stake in Echo Charlie, a new aviation travel brand that operates luxury journeys aboard a fully restored DC-3 aircraft, carrying 12 guests to remote destinations including Colombia, Patagonia, the Faroe Islands, and Greenland.
Under the terms of the agreement, Lindblad has two options to purchase the remaining equity interests in the Purchased Companies. These options are exercisable in two equal tranches within 30 days of December 31, 2030, and 2031, respectively, subject to extensions. The purchase price for these remaining interests will be based on the EBITDA of the Purchased Companies at the time of exercise.
Following the acquisition, Patrick Woodhead will serve as Chairman of White Desert and CEO of Echo Charlie, while also joining Lindblad Expeditions as a Strategic Innovation Advisor. The companies will continue to operate as stand-alone offerings, preserving their founder-led vision and distinctive culture while benefiting from Lindblad's global platform.
In conjunction with the announcement, Lindblad Expeditions raised its full-year 2026 financial guidance. The company now expects tour revenues of $850 million to $880 million, a net yield per available guest night of 5.5% to 6.5%, and Adjusted EBITDA of $140 million to $148 million.
