Unlimited Travel Group (UTG), Sweden’s largest listed travel and event company, has acquired Netherlands-based Waterproof Expeditions, expanding its footprint in the fast-growing expedition travel sector.
The deal, effective 31 March 2026, brings the polar-focused operator into UTG’s portfolio of 12 niche travel brands, strengthening the group’s offering in high-latitude and specialty adventure experiences. Financial terms were not disclosed.
Founded in 2007 by Marlynda Elstgeest and Göran Ehlmé, Waterproof Expeditions has built a reputation for small-group journeys in remote environments, with a particular focus on in-water experiences including polar diving and snorkelling in both the Arctic and Antarctica. The company reported revenue of €3.3 million in 2025 and employs six staff.
UTG said the acquisition complements its existing expedition portfolio, which includes Swedish operator PolarQuest, known for small-ship voyages to Antarctica, Svalbard and Greenland. The addition of Waterproof Expeditions broadens the group’s capabilities, particularly in specialised activities such as diving-based expeditions and Northern Norway programmes.
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| (L-R) Marlynda Elstgeest - Founder and CEO of Waterproof Expeditions; Marie Lannborn - Managing Director of Polar Quest; Charlotte Blum - CEO of UTG; Christian Clemens - Chairman of the Board of UTG |
Chief executive Charlotte Blum described the transaction as strategically aligned with UTG’s growth plans, citing both product expansion and improved seasonal balance across the group’s operations. She added that demand for expedition travel continues to rise across Nordic and international markets, supporting further investment in the segment.
Waterproof Expeditions will continue to operate under its existing brand within UTG’s decentralised structure, which emphasises entrepreneurial leadership and operational independence across its subsidiaries. Founder Marlynda Elstgeest said the partnership would enable the company to scale its concept while maintaining its identity and focus on high-quality, experience-led travel.
The acquisition underscores ongoing consolidation in the specialist travel sector, as larger groups seek to assemble portfolios of niche operators offering differentiated, experience-driven products in remote and environmentally sensitive destinations.
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