Lindblad Expeditions Holdings acquired 60 per cent stakes in White Desert and Echo Charlie on September 15, extending its portfolio beyond ship-based expeditions.
The company paid approximately $61 million in aggregate cash consideration, plus about $6 million for cash held on the businesses’ balance sheets. The final amount remains subject to customary adjustments. Lindblad described the purchase as the largest transaction in its history.
White Desert and Echo Charlie will continue operating as stand-alone companies, retaining their existing brands and founder-led management. Lindblad will provide access to its distribution, operational capabilities and other resources. Baird served as exclusive financial adviser to both businesses.
Patrick Woodhead established White Desert in 2005 to fly guests into the Antarctic interior. Its itineraries include visits to the Geographic South Pole and a colony of emperor penguins numbering more than 20,000 birds.
White Desert employs more than 150 people from 18 countries across its aviation, logistics and guest operations. Lindblad and White Desert plan to develop additional camps and strengthen logistical capacity through the partnership.
Echo Charlie is a new aviation travel brand centered on a restored DC-3 aircraft. The aircraft carries 12 guests and can use remote airstrips without relying on commercial airports, Lindblad said. Announced destinations include Colombia and Patagonia, along with the Faroe Islands and Greenland.
Woodhead will remain chairman of White Desert and become CEO of Echo Charlie. He will also join Lindblad Expeditions as strategic innovation adviser.
Following the acquisition, Lindblad raised its full-year 2026 forecast to tour revenue of $850–880 million. Its updated forecast also calls for net yield, calculated per available guest night, of 5.5–6.5 per cent. Lindblad said the guidance reflects the addition of White Desert and Echo Charlie as well as performance across its existing operations.
Lindblad offers expeditions at over 100 destinations spanning all seven continents. Its portfolio combines ship-based operations, including the National Geographic-Lindblad Expeditions co-brand, with land travel companies such as Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys and Wineland-Thomson Adventures.
