A piece of Made in Italy history is about to pass into Chinese hands, albeit under the Luxembourg flag. Bialetti, the famous company founded in 1919 in Omegna, is in fact in negotiations to be sold to New Capital, a Luxembourg fund controlled by Stephen Cheng, the Hong Kong tycoon of the Pao-Cheng family. The news has caused a real media storm, fueled by initial confusion about the parties involved: initially there was talk of a rush to buy that also saw the family in the running Hermes Warrand ed Exor, the family holding company Agnelli-Elkann. However, it was the same person who clarified things Bialetti, following a request from Consob, which confirmed the exclusive negotiation with Nuo Capital for the sale of a majority shareholding and consequent delisted.
The news triggered a wave of buying on the title, suspended at the opening due to excessive increases and then shot up to +23,55%, touching 0,299 euros, a level not seen since October 2023. At mid-afternoon, the stock maintained a gain of 11,16% at 0,27 euros per share.
Bialetti: only Nuo Capital in talks, no Hermès or Elkann
In the weekend, The messenger had reported that the family too Hermès and Elkann (via Exor) were in the running to buy Bialetti. However, the initial confusion was caused by the reference to Nuo, financial entity distinct from New Capital. Nuo Spa is a joint venture owned 50% by Exor and 50% by the World-Wide Investment Company Limited (Wwicl) of the Cheng family, with the aim of investing in Italian excellence in the consumer goods sector. Nuo Capital, on the other hand, is the investment branch of the Asian family office Wwi, which arrived in Italy in 2016 on the initiative of Stephen Cheng, an investor from Hong Kong with a strong passion for Italian excellence and art. Cheng is the grandson of the founder of World-Wide Shipping, one of the largest maritime transport companies in the world.
Not only that, at first a possible entry of the company was hypothesized Jakival, belonging to the Guerrand Hermès family, a hypothesis excluded by Bialetti itself. The moka pot and coffee machine group has specified, through a press release, that the negotiations are "exclusively with the Luxembourg-based company Nuo Capital for the purchase, by the same and/or other investors or co-investors and through one or more corporate vehicles, of a controlling stake in the share capital of Bialetti. This operation is aimed at realizing the Bialetti divestment, already announced to the market in recent months and foreseen by the new restructuring agreement, of which it constitutes the final fulfillment".
The company also specified that this disposal will not be linked to a financial debt restructuring operation. If the deal goes through, Bialetti will use part of the proceeds to reduce its debt, while the remainder will be refinanced. The buyer will also commit to strengthening the company's equity.
Doubts about the operation's numbers
Bialetti also denied the circulated figures in the press regarding the value of the operation. According to The messenger, the transfer would be estimated in 170 million euros, with 130 million in equity and 40 million in debt. However, the company called this valuation "misleading and not representative of the assumed structure of the operation".
Intermonte analysts point out that “Nuo Capital should take over from the current shareholders, Francesco Ranzoni who holds 50% and Sculptor Holding 19,5%”. Furthermore, there should be no takeover bid, since “Bialetti Industrie has been under art. 2018 bis of the bankruptcy law since 182”.
Bialetti-Nuo Capital: no binding agreement
Although negotiations have advanced, There is nothing definitive yet: “Although at an advanced stage, negotiations are still ongoing and concern various aspects, including significant ones, of the operation. These include the purchase price and the amount of the capital strengthening”. Furthermore, “to date, no binding agreement has been reached and/or signed with Nuo Capital and/or other investors, nor has any resolution in this regard been taken by the company's Board of Directors”.
