Memorial Day doesn’t just honor those who served in the military — it also marks a time for national reflection, community gathering, and the unofficial kickoff to summer across the U.S. This year, as the long weekend dawned, a record-breaking 45.1 million Americans hit the road, skies, and rails for reunions, road trips, and adventures. According to the American Automobile Association, this surge marked the highest Memorial Day travel volume in two decades, surpassing the previous record set in 2005.
While the traditional beach vacations and family barbecues remained popular, a significant shift was evident: an increasing number of travelers opted for small-group tours that emphasized cultural immersion, sustainability, and authentic experiences locally and abroad. This trend reflects a broader movement towards more meaningful and responsible travel, especially among Americans eager to reconnect with the world post-pandemic.
Rise of Small-Group Travel
The appeal of small-group tours lies in their ability to offer personalized experiences, deeper cultural engagement, and a sense of community among travelers. Companies specializing in these tours have seen substantial growth, tapping into the desires of modern travelers seeking more than just sightseeing. Here are a few of the top players, along with their profiles from our deal-sourcing platform:
- Overseas Adventure Travel
Headquarters: Boston, Massachusetts, USA
Founded: 1978
- Revenue: $500 million to $1 billion
Overseas Adventure Travel (OAT) is known for curating intimate, culturally immersive experiences tailored to travelers aged 50 and older. Specializing in small-group land adventures, typically limited to just 16 guests, OAT prioritizes authentic, off-the-beaten-path itineraries that encourage deeper connections with local people and customs. Their programs span destinations across all continents, from African safaris and Southeast Asian river journeys to South American treks and European countryside tours.
What sets OAT apart is its strong emphasis on lifelong learning and meaningful engagement. The company offers pre-trip cultural briefings, employs local trip experience leaders, and integrates home-hosted visits and community interactions.
- Intrepid Travel
Headquarters: Melbourne, Australia
Founded: 1989
- Revenue: $626 million
Intrepid Travel is one of the world’s largest—and most vocal—champions of sustainable travel. A certified B Corporation, Intrepid has built its reputation on offering more than 1,100 small-group itineraries across over 120 countries, with a mission that blends adventure with responsibility. Whether it’s trekking in the Andes, cooking with a host family in Vietnam, or exploring the Arctic, Intrepid ensures its experiences foster cultural exchange and environmental stewardship.
The company’s recent financial performance underscores its growing global relevance: in 2024, Intrepid reported record revenues of $626 million, up 17% year-over-year. Intrepid is 100% carbon neutral, reinvests in local communities, and supports numerous non-profit partners through the Intrepid Foundation. For investors eyeing long-term trends in ethical tourism and experiential travel, Intrepid is a bellwether.
- Collette
Headquarters: Pawtucket, Rhode Island, USA
Founded: 1918
With more than a century of experience under its belt, Collette is one of the most established names in American group travel. Known for its wide range of offerings—from classic guided tours to more niche small-group explorations — Collette has evolved with the times while maintaining a strong emphasis on comfort, convenience, and curated cultural experiences. Its itineraries span all seven continents, with consistent demand for trips to Ireland, Italy, and Iceland.
What distinguishes Collette is its multigenerational appeal. The company is family-owned and prides itself on its white-glove customer service, flexible travel protection plans, and strong community roots.
- G Adventures
Headquarters: Toronto, Canada
Founded: 1990
- Revenue: $100 million to $500 million
G Adventures is a pioneer in the space of small-group, socially responsible travel. With a mantra of “changing the world through travel,” the company operates hundreds of tours around the globe, focusing on authentic cultural immersion and sustainable tourism practices. G Adventures partners with the National Geographic Society to offer special NatGeo-branded expeditions and reinvests a portion of profits into community-led projects through its non-profit arm, Planeterra.
G Adventures’ success stems from a business model that appeals to a broad demographic — from backpackers and solo travelers to eco-conscious families. For investors and acquirers in the purpose-driven travel space, G Adventures is a standout player with deep brand equity and strong customer loyalty.
- Exodus Travels
Headquarters: London, UK
Founded: 1974
- Revenue: $77.4 million
Exodus Travels is synonymous with adventure, from high-altitude hikes in Nepal to cultural excursions in Morocco. With over 500 itineraries in more than 90 countries, Exodus specializes in experiences that combine physical activity with meaningful engagement—cycling, walking, wildlife tracking, and more. The company also leads the charge in responsible travel, maintaining a low carbon footprint and working closely with conservation and humanitarian initiatives.
Thanks to its authenticity-first ethos, Exodus appeals to travelers who want to explore more deeply and tread more lightly, making it a compelling portfolio company in the active and eco-conscious travel space.
- Explore Worldwide
Headquarters: Farnborough, UK
Founded: 1981
- Revenue: $10 million to $50 million
Explore Worldwide offers small-group adventure tours to over 130 countries, emphasizing connection to nature, culture, and community. The company has long prioritized responsible tourism, integrating environmental best practices into its operations and forging respectful partnerships with local communities. Whether it’s archaeological tours in Jordan, hiking in the Pyrenees, or culinary experiences in Thailand, Explore emphasizes slow, immersive travel over box-checking sightseeing.
Explore has carved a strong niche among independent-minded travelers who want curated, hassle-free experiences with room for spontaneity. It’s a trusted name in the European travel market and increasingly sought after by North American adventurers.
How AI is Guiding Smarter Investments
The 2025 Memorial Day weekend marked a turning point in how Americans hit the road — or the runway. With travelers craving deeper connections and richer experiences, small-group tours are fast becoming the go-to. Yet many of the leading players in this space are based outside the U.S., signaling a gap — and a golden opportunity — for investors to develop or acquire homegrown contenders.
Global companies like Intrepid Travel and G Adventures have demonstrated strong growth trajectories, driven by consumer preferences for sustainable and immersive travel experiences. For M&A investors looking to capitalize on the rising demand in group travel, Cyndx’s AI-powered tools offer a distinct edge.
Finder, our deal-sourcing platform, enables dealmakers to quickly identify promising small-group travel operators that align with strategic investment criteria, such as revenue thresholds, geographic presence, or sustainability credentials, across a vast and fragmented global market. Acquirer, on the other hand, uses machine learning to surface acquisition targets based on a company’s historical M&A behavior, sector fit, and expansion goals. For example, a PE-backed travel company looking to expand its portfolio with adventure-tour providers could use Acquirer to map and prioritize the most synergistic targets.
Small-group tours are on the rise. But with international companies leading the charge, there’s a clear opening for investors to back or build standout homegrown players — a first-class ticket to growth in the travel sector. Don’t get left on the tarmac — reach out to learn more.
