NUO Capital, a Luxembourg-based company affiliated with Hong Kong’s Pao Cheng family, has announced the acquisition of Italy’s famed Bialetti, the creator of the iconic octagonal Moka coffee pot, a deal that will result in the company being delisted from financial markets.

Founded in 1933, Bialetti gained international acclaim for its Moka pot, considered a hallmark of Italian industrial design and featured in New York’s Museum of Modern Art. Despite its illustrious history, the company has faced economic challenges in recent years due to competition from capsule coffee machines, the COVID-19 pandemic, and unsuccessful expansions into kitchen utensils and retail stores. In 2024, Bialetti reported losses of €1.1 million, with adjusted financial debts totaling approximately €81.9 million.

Under the new agreement, NUO Capital will purchase 78.6% of Bialetti’s shares for €53 million, with the deal expected to finalize by the end of June. NUO Capital will also subsequently offer to buy the remaining shares at a minimum price of €0.467 per share, significantly above the recent closing price of €0.279.

The acquisition is subject to approval by Italian regulatory authorities, which have the power to impose conditions or reject foreign takeovers under national protection regulations.

Additionally, the agreement includes a comprehensive debt refinancing plan for Bialetti through joint loans, including a junior loan of up to €30 million provided by Illimity and AMCO, and a senior loan of up to €45 million from Banco BPM, BPER Banca, and Banca Ifis. NUO Capital will also inject at least €49.5 million in equity capital.

Egidio Cozzi will continue as CEO of Bialetti following the acquisition, ensuring managerial stability amid the ownership transition.

The name “Moka” associated with Bialetti’s famous pot is derived from the Yemeni city of Mokha, historically a major global coffee trading hub from the 16th to the 19th century.