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MILAN – Bialetti, the brand that invented the iconic Moka stove-top coffee maker, ends up in Chinese hands. Luxembourg-based Nuo Capital, headed by Chinese tycoon Stephen Cheng, has signed two contracts for the purchase of 78.567% of the share capital of Bialetti Industrie, acquiring 59.002% from Bialetti Investimenti and Bialetti Holding – controlled by Francesco Ranzoni – for EUR47.3 million, of which EUR18 million through vendor loans, and 19.565% from Sculptor Ristretto Investment Sàrl for EUR5.7 million.
The deal is expected to close by the end of June, subject to specific conditions being met, including financing and regulatory approvals.
Subsequently, NUO will launch a mandatory takeover bid for the remaining Bialetti shares listed on Euronext Milan, with an estimated minimum consideration of EUR0.467 per share.
Following the closing of the bid, the purchaser intends to pursue the delisting of the Bialetti shares.
The transaction is part of the restructuring of Bialetti’s debt, which began with the 2021 agreement.
The plan involves a structured refinancing: EUR 30 million in junior financing from Illimity Bank Spa and AMCO Spa, EUR 45 million in senior financing from a pool led by Banco BPM Spa, with BPER Banca Spa and Banca Ifis Spa, and equity contributions of at least EUR 49.5 million from NUO Octagon.
In addition, NUO has obtained commitment letters for a total of EUR 71 million.
“I bought this wonderful brand more than 30 years ago. Today, Bialetti is an international reality with great potential”. These are the words of the President of Bialetti Industria, Francesco Ranzoni, on the sale agreement with Nuo Capital.
“In these years – he adds – we have lived through complex historical moments, but with passion, dedication and team spirit we have always managed to look ahead and grow the company. Nuo’s entry now represents a strategic lever to further strengthen the brand and consolidate its positioning on foreign markets”.
Egidio Cozzi, current CEO of Bialetti, will remain in office in the new post-closing phase. The board of directors and the board of statutory auditors will also be renewed, with representatives of both the selling companies and the buyer.
Founded in 1919, in Crusinallo (Piedmont) by Alfonso Bialetti, Bialetti produced, in 1933, the first Moka pot, an idea that revolutionized the way coffee is made at home today. Considered a design icon, the Moka became part of the permanent displays at the MoMa in New York and the Triennale Design Museum of Milan.
Headquartered in Coccaglio (province of Brescia), the Group has manufacturing premises located in Italy, Romania and Türkiye.
NUO is an investment holding, dedicated to supporting outstanding Italian companies in the consumer goods sector. It aims at fostering their international growth, strengthening their management capabilities, and facilitating the generational transition, while – at the same time – preserving their identity and independence.
