- Lindblad acquires 60 pc stake in White Desert and Echo Charlie
- Acquisition price approximately $61m plus $6m cash
- White Desert flies clients to Geographic South Pole
- Echo Charlie uses restored DC-3 aircraft for 12 guests
- Lindblad raises full-year 2026 financial guidance
Lindblad Expeditions Holdings has acquired a majority ownership of White Desert, a luxury Antarctic company, and Echo Charlie, a new aviation travel brand providing specialised access to destinations worldwide. A 60pc stake in White Desert and Echo Charlie was acquired for an aggregate cash purchase price of approximately $61m, plus approximately $6m for cash on the balance sheet. The acquisition is subject to customary true-up adjustments for working capital, cash and indebtedness.
White Desert was established in 2005 by Patrick Woodhead and flies clients into the remote interior of Antarctica, including a journey to the Geographic South Pole and a visit to an Emperor penguin colony of over 20,000 birds. Echo Charlie uses a fully restored DC-3 aircraft to take 12 guests at a time into some of the world’s least-reached regions. Patrick Woodhead will serve as chairman of White Desert and CEO of Echo Charlie while also joining Lindblad Expeditions as strategic innovation advisor.
Lindblad raised its full-year 2026 revenue, net yield and adjusted EBITDA guidance to reflect the acquisitions. Current expectations for the full year 2026 include tour revenues from $850 to $880m, net yield per available guest night from 5.5 pc to 6.5 pc, and adjusted EBITDA from $140 to $148m.
Natalya Leahy, Chief Executive Officer of Lindblad, shared: “While this is the largest transaction in the history of the company, it is much more than a business deal, it is a powerful partnership between two businesses that have spent decades pushing the boundaries of what experiential travel can be.”
Patrick Woodhead, Founder and Chairman of White Desert, shared: “Having spent the last 20 years pioneering tourism in the interior, we are privileged to join forces with people who did exactly the same thing, only 40 years earlier on the coastline of Antarctica. With a shared ethos for small-scale, responsible travel, we are thrilled for what lies ahead.”
