NUO CAPITAL BY STEPHEN CHENG ACQUIRES BIALETTI: THE FUTURE OF THE MOKA IN THE LAND OF THE DRAGON.

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It’s now official: Bialetti, the iconic company long associated with the moka pot and the daily ritual of espresso coffee, is leaving Italy after more than a century of history.

The international fund Nuo Capital—linked to Hong Kong magnate Stephen Cheng and Exor, the holding company of the Agnelli family—has signed two agreements for the acquisition of 78.567% of the share capital of Bialetti Industrie, launching one of the most significant acquisition operations of 2025.

Details and motivations of the deal. A brief look at the concepts of public tender offers and delisting.

This massive acquisition deal will see Nuo Capital take over almost all of Bialetti’s share capital (precisely 78.567%), with a total investment of approximately 53 million euros. Two main agreements have been signed to reach this goal:

The first, with Bialetti Investimenti S.p.A. and Bialetti Holding S.r.l., for the purchase of 59.002% of the shares, amounting to 47.3 million euros.
The second, with Sculptor, a New York-based hedge fund specializing in private equity, credit, and asset management, for the acquisition of the remaining 19.565% of the shares, at a price of 5.7 million euros.

The closing of the transaction is expected by June 2025, pending approval by the Italian regulatory authorities (i.e., Antitrust and the Ministry of Enterprises) and the potential exercise of “golden powers” by the Italian Government (i.e., the power to block or amend the acquisition of a company deemed strategic for national interest). Once the transaction is finalized, Nuo Capital will launch a Public Tender Offer (PTO) for the remaining shares at a price of €0.467 per share, with the goal of delisting the stock from the Milan Stock Exchange. Let’s clarify: For those unfamiliar with basic finance, it may be helpful to explain what a residual tender offer and delisting entail. A Public Tender Offer (PTO) is a procedure through which a company or investor publicly offers to buy the shares of another company in order to acquire total or partial control. In this case, Nuo Capital aims to acquire the remaining 21.424% of Bialetti’s share capital still held by external investors, at the predetermined price of €0.467 per share. Once this goal is achieved, the fund intends to proceed with the delisting of the stock from Borsa Italiana—that is, the permanent withdrawal of the company’s shares from the Italian stock exchange. So: What’s behind the acquisition? The entire operation is part of a broader refinancing plan for Bialetti’s debt, originally contracted in 2018 and amounting to €81.9 million. Refinancing this debt will be Nuo Capital’s first move once it takes control of the historic Italian company. The operation will unfold in three phases:

A junior loan granted by Illimity Bank and Amco, up to a maximum of €30 million;
A senior loan granted by Banco BPM together with BPER and Banca Ifis, up to a maximum of €45 million;
Equity investments from Nuo Octagon for at least €49.5 million.

The goal is to reduce the debt, make it more sustainable, and prepare the company for a market relaunch.

New management.

Aside from the financial details, there remains the question of whether the new ownership will maintain the company’s headquarters and manufacturing operations in Italy, or relocate some activities to Asia.

The agreement provides that, ahead of Nuo Octagon’s takeover and the potential renewal of corporate bodies—even before the expected closing in June—Bialetti Investimenti S.p.A. and Bialetti Holding S.r.l. will undertake to submit and vote on a list for the new Board of Directors.

The list will include seven candidates, among them current CEO Egidio Cozzi, three names proposed by the sellers, and one designated by the buyer.

In parallel, a list will be submitted for the appointment of the Board of Statutory Auditors: two standing auditors nominated by the sellers, and one standing auditor plus two substitutes nominated by the buyer.

The Italian company has already stated that the Group will benefit from the managerial contribution of Egidio Cozzi, who will remain CEO, ensuring continuity with the pre-acquisition management.

New markets and new opportunities.

Leaving nationalistic sentiments aside, Chinese ownership could be seen as an opportunity for Bialetti, aimed at facilitating its entry into key markets where interest in espresso coffee and “Made in Italy” products is growing.

Moreover, this transaction is not an isolated case but part of a broader global trend in which foreign capital (not just Chinese) acquires historic European brands in key sectors such as luxury, food, and design, with the goal of relaunching them to achieve both national and international economic benefits.

In return, these same brands—often weakened by crises in their domestic markets—gain access to the resources needed to recover and reinvent themselves, adapting to increasingly broad and diverse consumer groups.

And so, perhaps the old saying is true: “What doesn’t kill you, makes you stronger”.