Iconic Bialetti Company Sold To Hong Kong Investors

ByBeppe Castro

Founded in 2016, NUO Capital is a private equity investment firm that seeks to invest in companies like Bialetti from their headquarters in Milan, Italy.

Bialetti Sold - Pieces

Bialetti Industries, the iconic Italian manufacturer loved for its stovetop moka coffee pots, will be acquired by NUO Capital, an investment firm led by Hong Kong tycoon Stephen Cheng. The new company is aiming to delist the company from Milan’s stock exchange. ​

Bialetti History

Founded in 1933 by Alfonso Bialetti, the company became a household name in Italy under the leadership of his son Renato, who popularized the moka pot worldwide and introduced the signature caricature branding.

Despite its amazing legacy and historic popularity, Bialetti has faced financial difficulties in recent years due to competition from capsule coffee makers despite benefitting from the impact of the COVID-19 pandemic.

Bialetti Sold - Different Sizes

According to Reuters:

“In 2024, it posted a 1.1 million euro ($1.25 million) loss and closed the year with adjusted net financial debts of 81.9 million euros.”

Who Is NUO Capital?

NUO Capital is a Luxembourg-based investment firm co-founded by Italy’s Exor (the Agnelli family’s holding company) and Hong Kong’s World-Wide Investment Company Limited, one of Asia’s oldest family offices. Led by Stephen Cheng, NUO Capital focuses on long-term investments in Italian medium-sized enterprises, particularly those specializing in high-end consumer goods.

The firm’s mission is to support the global development of these companies, leveraging the founders’ knowledge, experience, and networks to bring Italian expertise, creativity, and authenticity to global consumers, especially in fast-growing Asian markets.

Bialetti Sold - Made In Italy - This piece

NUO Capital’s investment strategy centers on Italian medium-sized enterprises with strong expertise and brand authenticity. Their portfolio includes:​

  • Slowear: A Venetian fashion group known for its smart casual clothing brands such as Incotex, Zanone, Montedoro, and Glanshirt.
  • Subdued: A teenage womenswear brand headquartered in Rome, operating 85 stores with significant online growth.
  • Ludovico Martelli: An Italian personal care company known for brands like Proraso, Marvis, and Valobra. On a personal note, I love Marvis, but only recently realized it was (formerly) an Italian company.
  • Venchi: A historic Italian chocolate and gelato brand established in 1878, renowned for its authentic, natural ingredients.​ If you are ever in Rome, or Italy in general, be sure to stop by one of their stores for some of the best chocolate you will ever have!
  • Montura: A leading brand in active-wear and technical apparel, designed for outdoor enthusiasts.​
  • Andriani: A specialist in the production of high-quality, naturally gluten-free products, leading the way to healthy food with its Felicia brand.​

Why Is This Acquisition Important?

The acquisition, like any, is subject to regulatory approval, including scrutiny under Italy’s “Golden Power” regulations that govern foreign takeovers. ​The Golden Power is the power to impose conditions or even a veto or an opposition, which the Government may exercise on transactions involving companies engaged in strategic activities or holding assets strategic to the national interest.

Bialetti Sold - Brikka Box

The Golden Power originally entered into force in 2012 and was limited to defense, national security, and infrastructure (i.e.: transportation / energy / communications). Over the past few years, as a consequence of the Covid-19 pandemic, the Golden Power has been extended to additional strategic sectors i.e., high technology, financial tech and insurance tech. Therefore, all foreign investors intending to carry out acquisitions in Italy within certain sensitive sectors are required to first consider any application of the Golden Power regime.

From my reading, I doubt there will be any veto given that a coffee maker doesn’t really fit the definition of a strategic activity or national interest, despite its popularity.

Bialetti Sold - flatlay

We’ll see if it’s only temporary or for show, but the Bialetti CEO will remain in his role post-acquisition, asserting that the company now has a clearer strategic vision and a globally recognized brand. ​

Finally, this acquisition occurs during a complex time for Italian politics, as Prime Minister Giorgia Meloni attempts to balance EU and US trade interests, including recent tariffs enacted against most countries in the world, while navigating Italy’s evolving relationship with China.

Is This Desperation From Bialetti?

The difficulties that Bialetti Industries have been experiencing in recent years, along with the decision to expand their storefronts during the Pandemic are no secret. Bialetti’s moka pots, devised in 1933 and displayed at New York’s MoMA, have struggled in recent times due to stiff competition from capsule machines like Nespresso, Lavazza and Krups, and an ill-timed expansion into kitchenware. Its mall and city center retail expansion strategy suffered during the COVID-19 pandemic. ​

Bialetti Sold - Some Assembly Required, but not much

The acquisition by NUO Capital is seen as a strategic move to revitalize Bialetti’s brand and expand its presence in international (Asian) markets. The new ownership plans to invest in innovation, internationalization, and authenticity, maintaining the company’s commitment to the excellence of Made in Italy, while not actually making the products in Italy. ​

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