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Post-acquisition, Lindblad plans to build 'at least' two ships

Post-acquisition, Lindblad plans to build 'at least' two ships
'At least two new vessels will be built' for Lindblad Expeditions, Mark Ein, chairman and ceo of Capitol Acquisition Corp. II, which plans to acquire and merge with the expedition-cruise operator, said during an investor call Tuesday.

Capitol has entered into an agreement to acquire and merge with Lindblad in a transaction valued at approximately $439m. The combined company intends to be listed on the NASDAQ Stock Market and be renamed Lindblad Expeditions Holdings, Inc.

Ein said growth opportunities for Lindblad are expected to accelerate with the capital and public currency the merger will bring. Besides new ships, he mentioned opportunities including acquisitions or expanding charters.

Lindblad currently fields six vessels—National Geographic Orion, National Geographic Explorer, National Geographic Endeavour, National Geographic Islander, National Geographic Sea Lion and National Geographic Sea Bird—and operates charters on four other vessels, including Sea Cloud.

Ein said Lindblad garners industry-leading daily rates in excess of $1,000 and has 92% occupancy.

Lindblad's adjusted EBITDA from 2010 to 2014 has compounded at a rate over 20% and revenue over 14%, Ein said, adding the company expects EBITDA to double again over next five-year period.