Kaleon finalizes the acquisition of 80% of a Lake Maggiore water taxi operator
The majority stake acquisition, consolidated in the group's accounts as of September 1, 2026, should enable the manager of the Terre Borromeo sites to offer tour operators bundled packages combining transport and visits. The structure leaves a minority stake with the current management team, accompanied by an earn-out mechanism.
80% of Navigazione Isole Borromee acquired for a valuation of €2.0 million
Kaleon announced on October 13, 2026 that it had completed the acquisition of 80% of the capital of Navigazione Isole Borromee Lago Maggiore, a passenger transport company by boat operating on Lake Maggiore. The transaction has been completed, not merely signed. The acquired company operates a fleet of five boats and holds five water taxi licenses, two assets that now fall within the group's scope.
The transaction is based on an enterprise value of €2.0 million. This amount corresponds to the valuation of the entire acquired company: it designates neither its revenue, nor the price paid for the 80% stake alone. The target generated revenue of approximately €790,000 in 2025.
According to the press release, Navigazione Isole Borromee Lago Maggiore has shown steady growth over the years while maintaining strong profitability. Kaleon, listed on Euronext Growth Milan (KLN) and Euronext Growth Paris (ALKLN), describes the acquired company as one of the best-established water taxi operators on the lake. The group already manages several cultural and natural sites on this same body of water linked to the Borromeo family, including Isola Bella and Isola Madre, in the Borromean Islands archipelago.
Concretely, the transaction brings under the same control the visited sites and some of the transport means that allow access to them via the lake. It is this direct link with the visitor's journey, between the islands and the shores, that management highlights to justify the transaction.
20% retained by managers, with earn-out and purchase option
The current management team of the acquired company retains the remaining 20% of capital. They will also be entitled to a conditional price supplement (earn-out), the amount and triggering conditions of which are not specified at this stage. This payment therefore remains subject to conditions and is not assured.
The current managers will continue to participate in the development of the business alongside Kaleon, to ensure operational continuity. According to the company, maintaining this minority stake, combined with the prospect of a price supplement, should align the interests of the management team with those of the group and encourage them to contribute to the company's future growth.
The mechanism has a second tier. Kaleon will hold a call option allowing it to acquire the remaining 20% and, eventually, to own the entire company. This mechanism allows Kaleon to immediately take control of the company while preserving the involvement of the management team, which holds the remaining 20% and continues to participate in the development of the business.
The 80% control results in the consolidation of the company in Kaleon's accounts as of September 1, 2026, even before the announcement of the completion of the transaction.
Transport completes catering, accommodation and leisure activities
This acquisition is part of the group's gradual expansion beyond the sole management of sites. Following catering, accommodation and leisure activities, Kaleon is entering lake transport services. For Vitaliano Borromeo Arese, chairman of the board of directors, this development should make it possible to include in the offering "a service directly related to the visitor's journey and the discovery of the islands and shores of Lake Maggiore".
The executive also mentions more selective use of the fleet: facilitating the movement of high-end customers in privileged conditions. Bundled packages intended for tour operators should, according to him, simplify the group's commercial relations with these intermediaries while bringing it closer to its visitors.
The announcement comes two weeks after the publication, on September 30, 2026, of consolidated accounts as of June 30, 2026. Kaleon had then reported revenue up 14% in the first half and net profit divided by three. On September 24, 2026, the group had also announced a partnership with the Italian Tennis and Padel Federation and the Nitto ATP Finals, with initial activities planned this fall around Isola Bella.
