Three prominent players in the multi-day touring sector are implementing contrasting approaches to reshape their business portfolios, each reflecting different strategic priorities for future growth.
Intrepid Travel completed its largest acquisition to date when it purchased Sawadee Reizen, a Dutch tour operator, from Travelopia in January 2025. The transaction involved a business generating approximately $65 million in annual revenue and serving around 20,000 customers. For Intrepid, the acquisition represents a market entry strategy and an opportunity to leverage its existing infrastructure across 118 countries by channeling Sawadee’s customer base through established operations.
For Travelopia, the sale of Sawadee was part of a broader portfolio restructuring effort. Between September 2024 and July 2025, the KKR-owned portfolio company divested multiple assets as it worked to address financial pressures stemming from ownership of capital-intensive operations including ships, yachts, and leasing commitments. While Sawadee itself remained profitable within the portfolio, it became part of Travelopia’s effort to streamline its holdings.
Meanwhile, Lindblad has pursued a different path, focused on acquiring stakes from company founders. Intrepid’s brand acquisition strategy contrasts with Lindblad’s founder buyout approach, each reflecting different views on how to consolidate and control key elements of the travel experience.
The multi-day touring industry remains predominantly privately held, with most operators maintaining limited public disclosure regarding their financial performance. These three companies’ divergent strategies underscore the varied approaches leaders are taking to determine which components of the travel supply chain they must directly control to achieve their business objectives.
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