UTG goes underwater - buys Waterproof Expeditions

- This is a strategically very interesting acquisition. Waterproof Expeditions complements our existing operations well, both by broadening our offering and by strengthening us during parts of the year where we currently have lower activity, says Charlotte Blum, CEO of Unlimited Travel Group. Additionally, this is a well-managed company with a strong brand and good profitability, which shares our passion to constantly evolve to deliver world-class experiences.

This will be the third acquisition in a short time for Unlimited Travel Group. In February, they bought a majority stake in Surfakademin and in June last year, they acquired the business travel agency Nex Travel in Luleå.

The seller of Waterproof Expeditions is the CEO Marlynda Elstgeest, who founded the company together with the Swedish polar diver Göran Ehlmé and is based in Rotterdam. The company has six employees and had a turnover of 3.3 million euros in 2025 with an EBITA of 0.8 million euros. The total purchase price amounts to 3.8 million euros, of which 2.3 million euros will be paid on the acquisition date and the remainder will be paid as a dynamic, performance-based additional purchase price based on the results of the next two years.

Within the group, there is already PolarQuest, which offers small-scale expedition cruises to Antarctica, Svalbard, and Greenland, focusing on knowledge, proximity, and experiences led by experienced experts. Waterproof Expeditions complements this with activities such as diving and snorkelling, as well as expeditions in Northern Norway during periods that coincide with the low season for PolarQuest and several of the group's other companies. Common to both companies is that they have travellers joining the expeditions from all over the world.

Despite Waterproof Expeditions being based in the Netherlands, there is already a natural connection to the group today, as the company has a base in Gothenburg where PolarQuest is located.

- We see a continued strong demand for expedition trips, both in Sweden and internationally. With two complementary companies in the group, clear synergies, and a better balance throughout the year, we create good conditions to continue developing our offering and strengthen our position in the international market, says Charlotte Blum.

Waterproof Expeditions becomes part of Unlimited Travel Group from today, 31 March 2026.

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