Luxembourg holding New capitalwho belongs to a great Chinese entrepreneur, concluded an agreement for the acquisition of Bialettihistoric Italian brand. The company will be removed from the Milan stock exchange and will go completely into private hands.
The most delicate passage of this operation is the debt of Bialetti and his renovation. There are two different funding for a total of almost 150 million euros. However, the final goal of this acquisition is the relaunch of the Italian brand.
The agreement for the acquisition of Bialetti
New capital will buy Bialetti, buying 78.567% of its shares by June. These shares of the company come from its two main shareholders, Bialetti Investimenti and Bialetti Holding (59%) as well as Sculptor Restrico Investment (19.5%). The historic Italian brand, however, is not destined to remain on the stock exchange.
After the Closing, as mentioned for the end of June 2025, a public purchase offer (opa) will be launched for all the remaining shares of the company exchanged on the financial markets. The minimum price will be 0.467 euros per share. At the end of the climb, a new capital will proceed to delisting, or to remove Bialetti from the bag to make it a private company.
Who is behind new capital
Nuo Capital is a company based in Luxembourg, which has the aim of investing in Made in Italy. He has participations in other important brands in the Food sector such as Venchi, but also in Bending Spousons. Has two main shareholders, the first of which is Exorfamily holding Agnelli-Elkann which controls Stellantis, and which controls 49.7% of new.
The second is World-Wide Investment Company Limited. It is one of the oldest management of the Hong Kong family assets, and belongs to Stephen Cheng, Chinese magnate, which instead 50.3% of holding. After 102 years, therefore, Bialetti will no longer be the Italian property, but will pass in Chinese hands.
The plan for the debt of Bialetti
The transition to new capital is a radical change for Bialetti, one of the historical brands of Italian food. However, the company’s situation imposed an operation of this type. The debts accumulated by the company were in fact putting the management in difficulty. Already in 2021 Bialetti had been forced to resort to one renovation of its debtsigning an agreement with some banks.
Just the refinancing of Bialetti’s debt will be the first new capital move once the control of the historic Italian company is assumed. The operation will take place in three phases:
- A junior loan granted by Illimity Bank and Amco, of a maximum of 30 million euros;
- A senior loan granted by Banco Bpm together with Bper and Banca Ifis for a maximum of 45 million euros;
- Equity contributions by new octagon for at least 49.5 million euros.
This should reduce the debt, make it more sustainable and prepare the company to the relaunch: “Bialetti represents a significant and beautiful challenge for us, placing us in the face of new growth objectives for a historical brand of Italian culture and tradition”, commented Tommaso PaoliCEO of New Capital and former Manager of Intesa Sanpaolo.
