Lindblad Adds a Luxury Antarctic Brand in Its Latest Founder-Led Deal: Exclusive

Lindblad Expeditions is buying a 60% stake in White Desert, a luxury Antarctic travel company, and Echo Charlie, a new luxury adventure operator flying a fully refurbished DC-3, in a $69 million deal — the expedition cruise line's largest acquisition yet. Both brands were founded by polar explorer Patrick Woodhead, who will stay on as chairman of White Desert and CEO of Echo Charlie, while also joining Lindblad as a strategic innovation advisor. The deal continues a decade-long pattern for Lindblad, which has spent more than $110 million building stakes in land-based expedition brands. It is funded with cash on hand; the company had more than $350 million on its balance sheet as of June 30. Lindblad, which is publicly traded and best known for its fleet