Lindblad Expeditions Holdings, Inc. Acquires Majority Stakes in DuVine Cycling + Adventure Co. and Off the Beaten Path LLC

Adventure Travel Companies Broaden Lindblad's Platform of High-Quality Experiential Travel Offerings and Expands Total Addressable Market Demand Surge for Cycling Experiences Being Fueled by Explosive Growth in Traditional Bike Sales and E-Bike Innovation and Popularity, as well as At-Home Interactive Cycling Phenomenon Small Group and Private Trips Continue to Operate Through COVID and are Experiencing Historically Strong Levels of Bookings

March 9, 2021 7:00 AM EST

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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.

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