NEW YORK, March 9, 2021 /PRNewswire/ -- Lindblad
Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or
"Lindblad"), a global provider of expedition cruises and adventure
travel experiences today announced that it has acquired majority
stakes in DuVine Cycling + Adventure Co. ("DuVine"), a leading
luxury cycling and adventure travel company, and Off the Beaten
Path LLC ("Off the Beaten Path"), a leading active travel operator
with a specialization in U.S. National Parks. These
acquisitions further broaden and deepen Lindblad's platform of
high-quality experiential product offerings in robust adventure
travel sectors, including the rapidly growing cycling tourism and
domestic expedition markets. Similar to the acquisition of Natural
Habitat, Inc. ("Natural Habitat"), the Company will leverage its
experience and resources to accelerate the growth of these unique
and profitable businesses and capitalize on the growing demand for
authentic and immersive adventure travel.
DuVine is an award-winning international luxury cycling and
adventure company based in Somerville,
Massachusetts focused on providing immersive cultural
experiences across the globe through thoughtfully designed
itineraries led by expert local guides. DuVine's trips
include top-quality gear and support and are tailored to riders of
all abilities with an emphasis on exceptional food and wine
experiences, along with boutique accommodations. DuVine also
currently runs a variety of extraordinary trips that combine
sailing and biking experiences, which will be further expanded as
part of Lindblad. Founded in 1996 by Andy Levine, DuVine's diverse tour offerings
include small group and private custom trips to destinations across
Europe, the United States, Latin America, Asia and Africa. Mr. Levine will retain
an ownership interest in DuVine and will continue as President and
Chief Executive Officer of the new Lindblad subsidiary.
Off the Beaten Path, based in Bozeman,
Montana, offers active small-group and private custom
journeys around the world, with a long-standing focus on U.S.
National Parks and connecting the heart of the traveler with the
soul of the place through localized, authentic experiences.
Founded in 1986, Off the Beaten Path's small group product
offerings include unique expeditions throughout the U.S., as well
as trips across Europe,
Africa, Australia, Central and South America and the South Pacific.
Cory Lawrence, Off the Beaten Path's
President and Chief Executive Officer, will retain an ownership
interest in Off the Beaten Path and continue in this role for the
new Lindblad subsidiary.
DuVine and Off the Beaten Path will benefit from Lindblad's
scale, resources and marketing experience while substantially
increasing the addressable opportunity across Lindblad's
portfolio. The significant demand for cycling-related content
and usage was expanding rapidly prior to COVID-19 and that has only
accelerated throughout the pandemic. According to the NPD Group,
from January through October of 2020 US. bicycle sales increased
over 60% and e-bike sales increased 144% compared with the same
period in 2019. DuVine's proven track record in delivering
high-end small group cycling experiences, along with the
meaningfully increased accessibility that the evolution of the
e-bike provides, ideally situates them to further capitalize on
this growing opportunity both immediately coming out of the
pandemic and over the long-term. Similarly, Off the Beaten
Path has unique access to limited lodging inventory across its
geographies, particularly in U.S. National Parks enabling unmatched
exploration in destinations that attract millions of visitors each
year. These remarkable locations will only grow in popularity
post pandemic given their proximity and, with a long-standing
reputation of delivering authentic small group and private custom
travel experiences, Off the Beaten Path is well positioned for
sustained growth. Both DuVine and Off the Beaten Path have
been operating trips during COVID and are currently experiencing
strong levels of bookings for future travel.
Sven-Olof Lindblad, President and
Chief Executive Officer, said, "Bringing DuVine and Off the Beaten
Path into our portfolio of brands will allow us to better serve a
broader based clientele that has a diverse set of travel interests.
The high level of quality and integrity of both these companies
makes them perfect partners in our strategy of expanding our
platform of experiential offerings. Our proven ability to
leverage our platform and effectively cross market creates the
opportunity to accelerate growth across our entire portfolio, and
we will continue to look for additional opportunities to broaden
and deepen our adventure travel offerings, both organically and
through acquisitions, to aggregate larger audiences and generate
greater lifetime value from our loyal guests."
Andy Levine, DuVine's Founder and
President, stated, "I have long admired Lindblad for their
exceptional expeditions and commitment to responsible travel, a
core value that has also guided DuVine's philosophy. Our
companies share not only a desire to sustain the world's most
compelling cultures and communities, but also the belief that
authentic, deeply-rooted experiences make travel more
fulfilling. DuVine's journeys offer a new perspective grounded
in active travel, local flavor, and an appreciation of
nature from the seat of a bicycle. I can't wait to
introduce the transformative power of bike travel to a greater
audience of adventure seekers."
Cory Lawrence, Off the Beaten
Path's President, stated, "We couldn't be more excited to join
Lindblad Expeditions and Natural Habitat Adventures to further our
mission to change peoples' lives through exceptional travel
experiences. With our unique style of travel, strong domestic
presence, and small group and bespoke travel design offerings, we
are well-positioned to have immediate impact on the newly expanded
family of companies. Expanding awareness of Off the Beaten Path and
its unique offerings by leveraging the reach and expertise of both
Lindblad and Natural Habitat is a major opportunity for our company
in its 35th year of operation. We are thrilled!"
Mark Ein, Lindblad's Chairman,
added, "From when we first invested in Lindblad in 2015, we have
always viewed Lindblad as an opportunity to build an extraordinary
platform company that would expand, organically and through
acquisition, to offer an unparalleled set of indelible experiences
for its guests. We are proud of what we have already done to
date, with incredible new ship builds and the Natural Habitat
acquisition, and, over the last year, we focused on securing the
capital that would enable us to accelerate our growth coming out of
COVID. We have now found two ideal companies in DuVine,
poised to capitalize on the explosive growth in cycling, and Off
the Beaten Path, with its unique access to U.S. National Parks, to
bring into our Lindblad family. These are important
steps in our continuing quest to solidify Lindblad as one of the
finest travel companies in the world."
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. is an expedition travel
company that focuses on ship-based voyages through its Lindblad
Expeditions brand and on land-based travel through its
subsidiaries, Natural Habitat Adventures, Off the Beaten Path and
DuVine Cycling and Adventure.
Lindblad Expeditions works in partnership with National
Geographic to inspire people to explore and care about the planet.
The organizations work in tandem to produce innovative marine
expedition programs and to promote conservation and sustainable
tourism around the world. The partnership's educationally oriented
voyages allow guests to interact with and learn from leading
scientists, naturalists and researchers while discovering stunning
natural environments, above and below the sea, through
state-of-the-art exploration tools.
Natural Habitat partners with the World Wildlife Fund to offer
and promote conservation and sustainable travel that directly
protects nature. Natural Habitat's adventures include polar bear
tours in Churchill, Canada,
Alaskan grizzly bear adventures and African safaris.
DuVine Cycling + Adventure Co. designs and leads luxury bike
tours in the world's most amazing destinations, from Italy's sun-bleached villages and the medieval
towns of Provence to Portugal's
Douro Valley and the vineyards of Napa,
California. Guests bike, eat, drink, and sleep their way
through these regions and many more while sampling the finest
cuisine, hotels, and wine.
Off the Beaten Path is an outdoor, active travel company
offering guided small group adventures and private custom journeys
that connect travelers with the wild nature and authentic culture
of their destinations. Off the Beaten Path's trips extend
across the globe, with a focus on exceptional national park
experiences in the Rocky Mountains, Desert Southwest, and
Alaska.
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SOURCE Lindblad Expeditions Holdings, Inc.