Bialetti Set for Major Acquisition by Nuo Capital
Deal News | Apr 16, 2025 | Finance Community IT - 3 Private Equity
The Chinese private equity firm Nuo Capital, led by Stephen Cheng, is poised to acquire a 78.567% stake in Bialetti, an Italian company prominently featured in the kitchenware industry. The acquisition involves two contracts; one with Bialetti Investimenti and Bialetti Holding, owned by Francesco Ranzoni, and another with Sculptor Ristretto Investment, cumulatively covering 91,324,398 and 30,283,587 ordinary shares respectively. The total consideration for the transactions amounts to €47,334,000 for the former, with €18 million financed through a deferred payment agreement, and €5,731,000 for the latter. A consortium of banks, led by Banco BPM, is backing the acquisition financially. Legal and financial advisories are being provided by a host of firms: Chiomenti, Gitti & Partners, EY, and Vitale are on Nuo Capital's side, whereas Lazard and BonelliErede assist Bialetti. The deal includes plans for a complete takeover bid on Bialetti's shares listed on Euronext Milan and aligns with Bialetti's broader debt refinancing framework established in July 2021. Post-closing, expected by June 2025, Nuo Capital plans to bolster Bialetti's growth and development through strategic refinancing and management support.
Sectors
- Private Equity
- Consumer Goods
- Financial Advisory
Geography
- Italy – Bialetti, the target company, is Italian and the shares are listed on Euronext Milan.
- China – Nuo Capital, a Chinese private equity firm led by Stephen Cheng, is the acquiring entity.
- Luxembourg – Nuo Capital is based in Luxembourg, adding a geographical dimension to the transaction.
Industry
- Private Equity – This industry is relevant as the article discusses Nuo Capital, a private equity firm, acquiring a significant stake in Bialetti.
- Consumer Goods – Bialetti is involved in the manufacturing of kitchenware products, situating it within the consumer goods sector.
- Financial Advisory – Several financial and legal advisory firms are involved in facilitating the transaction and refinancing plans.
Financials
- 47,334,000 EUR – The total consideration for the main transaction to acquire shares from Bialetti Investimenti and Bialetti Holding.
- 5,731,000 EUR – The amount for acquiring shares from Sculptor Ristretto Investment.
- 13.3 million EUR – Estimated fair value of the vendor loan according to IFRS 13.
- 0.467 EUR – Implied share price for the total tender offer following acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nuo Capital | Acquirer | Company | A Luxembourg-based private equity firm led by Chinese magnate Stephen Cheng. |
| Bialetti Investimenti and Bialetti Holding | Seller | Company | Companies owned by Francesco Ranzoni, involved in selling shares of Bialetti. |
| Francesco Ranzoni | Seller Representative | Person | The representative of the selling entities Bialetti Investimenti and Bialetti Holding. |
| Sculptor Ristretto Investment | Seller | Company | A company selling part of its stake in Bialetti as part of the acquisition deal. |
| Chiomenti | Legal Advisor | Company | Provided legal advisory services to Nuo Capital. |
| Gitti & Partners | Tax Advisor | Company | Provided tax advisory services for Nuo Capital. |
| EY | Due Diligence Advisor | Company | Conducted financial, legal, and labor due diligence for Nuo Capital. |
| Vitale | Debt Advisor | Company | Advised Nuo Capital on debt acquisition for the transaction. |
| Lazard | Financial Advisor | Company | Acted as financial advisor for Bialetti. |
| BonelliErede | Legal Advisor | Company | Provided legal advice to Bialetti. |
| Banco BPM | Lead Arranger | Company | Led the banking consortium providing financing for the acquisition. |