Information on the target
Calma Srl, a holding company owned by Marco Pisa and Cristina Quarleri, has acquired Terme di Riolo Bagni Srl, a historic thermal complex located in Riolo Terme, Ravenna. This acquisition marks the end of over thirty years of ownership by the Pasotti family. While the financial details of the transaction have not been disclosed, the deal is characterized by a strong vertical integration strategy. Calma's portfolio includes the skincare brand "gli elementi," which has long utilized the salsobromoiodic and sulfurous waters from Terme di Riolo in its formulations.
The relationship between Calma and Terme di Riolo was formalized in 2025 through a strategic partnership that allowed for the use of the Terme di Riolo brand on cosmetic products. With this ownership transfer, the entire supply chain—from the thermal source to research and development, formulation, production, and commercialization—will now be under unified control, enhancing operational efficiency and brand visibility both nationally and internationally.
Industry overview in the target’s specific country
The Travel Agents industry in Italy has been experiencing a significant transformation, particularly in the wake of the COVID-19 pandemic. As travel restrictions have eased, there has been a resurgence in domestic and international travel, leading to increased demand for travel services. Italian travel agents are adapting to this changing landscape by offering personalized travel experiences, leveraging technology, and enhancing customer service to meet the evolving preferences of travelers.
In Italy, the travel agents sector is characterized by a diverse range of players, from large multinational agencies to small, family-run businesses. This diversity allows for a wide array of services, including leisure travel, business travel, and specialized travel experiences such as wellness tourism, which is particularly relevant given the growing interest in health and wellness among consumers. The integration of technology, such as online booking platforms and mobile applications, has also become crucial for travel agents to remain competitive in this dynamic market.
Moreover, the Italian government has been actively promoting tourism as a key economic driver, investing in infrastructure and marketing campaigns to attract both domestic and international visitors. This supportive environment has provided travel agents with opportunities to expand their offerings and reach new customer segments. The focus on sustainability and responsible travel is also shaping the industry, with many agents now offering eco-friendly travel options that appeal to environmentally conscious consumers.
As the industry continues to recover and evolve, travel agents in Italy are well-positioned to capitalize on emerging trends and consumer demands. The combinati…