Italian coffee icon Bialetti, known for its moka pots, is being sold to a Luxembourg-based investment firm linked to China. Founded in 1933 by Alfonso Bialetti in Crusinallo, Piedmont, the company revolutionised home coffee making with its distinctive aluminium design.
NUO Capital, led by Stephen Cheng of a prominent Hong Kong family, will acquire 78.6% of Bialetti for €53 million. The deal is expected to complete by late June, followed by a tender offer for remaining shares at no less than €0.467 each.
Once finalised, Bialetti will be removed from Milan’s stock exchange. Bialetti’s CEO Egidio Cozzi will remain in his role. He described the company as “more solid” with “a globally recognised brand”.
Regulatory clearance, including Italy’s golden power provisions, remains a condition. These laws allow the Italian government to review or restrict foreign takeovers in strategic sectors, including manufacturing.
Background to Bialetti moka pots
The moka pot, inspired by traditional espresso machines, became a household staple after the Second World War. Renato Bialetti, Alfonso’s son, helped transform the device into a global symbol of Italian design and everyday luxury.
He also introduced the company’s mascot, a moustached cartoon man resembling himself, that still features on Bialetti products today. Renato’s 2016 funeral made headlines when his ashes were placed inside a giant moka pot.
Despite widespread brand recognition, Bialetti has faced financial troubles over the past decade. Poor returns from new product lines, overexpansion into retail, and increased competition from capsule coffee systems took their toll.
Chinese takeover could be sensitive for Meloni in Washington
NUO’s takeover comes during a complex diplomatic moment for Prime Minister Giorgia Meloni.
Meloni is in Washington this week for talks with Donald Trump, amid renewed concern over US-EU trade tensions. China remains a sensitive topic. Italy exited Beijing’s Belt and Road Initiative last year and is seeking to rebalance its economic ties.
The pandemic dealt a further blow. In 2024, Bialetti reported a €1.1 million loss, with debts totalling nearly €82 million. Still, its moka pot remains a fixture in Italian kitchens. A 2010 survey showed 90% of households owned one.
