Investment fund NUO Capital has acquired a majority stake in the Italian national icon Bialetti for €53 million.

Bialetti, whose moka pots can be found in nine out of ten Italian households, is now transitioning into the ownership of NUO Capital. The fund purchased 78.56% of the company’s shares from CEO Francesco Ranzoni and investment firm Sculptor for €53 million. Once the transaction is completed, NUO Capital plans to acquire the remaining shares through delisting the company from the Milan Stock Exchange. In 2023, Bialetti reported revenues of €141 million and an EBITDA of €19.2 million.

NUO Capital is backed by EXOR, the holding company of Italy’s Agnelli family, and the Hong Kong-based family office World-Wide Investment Company. The fund focuses on well-known, mid-sized Italian brands. Its current portfolio includes stakes in the ice cream maker Venchi, men’s grooming brand Proraso, outdoor footwear manufacturer Scarpa, and more then dozen of other companies.

The transaction is subject to regulatory approval, including Italy’s so-called “golden power” rule, which allows the government to impose conditions on or block acquisitions in strategic sectors.