Nuo is expanding its customer base and aiming for 3 billion in investment

After 10 years of growth, Nuo is ready for a new phase of development. The strategy involves bringing new investor families on board and consequently increasing its investment capacity, aiming to reach one billion in investments within three years and up to 3 billion over the next eight years, all on the Italia market and strictly within the consumer sector, thereby confirming the trajectory set out to date. “We are in a phase of strong growth,” confirms Nuo’s Chief Executive, Tommaso Paoli. “We aim to achieve these objectives whilst remaining true to our mission of investing in medium-sized Italian companies with a long-term horizon, placing people, skills and entrepreneurial continuity at the heart of our approach. The aim is to support not only the companies’ economic growth, but also their organisational strengthening and expansion into international markets.’ A path which, according to the company’s plan, is underpinned by the expertise of the investor families. Firstly, the Pao family from Hong Kong, the project’s initial backer. Then the Guerrand family from France (among the shareholders of Hermès). These two are joined by three Italian families: Loro Piana, Zambon and Cagnoli. However, plans are also in place for the inclusion of a family from South-East Asia (in the immediate future) and a South American family (in a second phase). “This will give us comprehensive coverage,” explains Paoli. “We want to involve organisations that can offer a network of contacts and a strong reputation – support that is particularly useful for avoiding mistakes in the overseas development of the companies in which we invest,” explains Paoli.

Technically, the family offices involved in the project do not invest directly in Nuo, but only become involved once the investment target has been identified. The structure provides, on each occasion, for the creation of a holding company into which the families contribute funds on a proportional basis, leaving governance to the management team selected by the holding company. This was also the case with Bialetti, the most recent transaction completed by Nuo (though the team is in the final stages of finalising a new transaction in the coming weeks), with the creation of the Octagon vehicle, capitalised with 85 million in equity, 99 per cent of which is provided by the families (one-third by the Pao family, one-third by the Guerrands, and one-third by Italian investors) and 1 per cent by the Nuo Capital team. The investment, Paoli confirms, is paying off. In 2025, Bialetti’s turnover rose from 149.5 million to 165.7 million, whilst the business, with an EBITDA of 24 million, returned to profit. ‘In 2026 we are seeing double-digit growth, and we expect a significant profit by the end of the year,’ adds Paoli. ‘The brand is very strong and well known abroad. We are also placing a strong emphasis on our repositioning strategy in the coffee sector.’

Overall, during its first decade of operation, Nuo has built up a portfolio of 15 investments in Italian companies, through both minority and majority stake investments. The portfolio companies recorded aggregate turnover of €2.3 billion, with overall sales growth of 145 per cent and a 250 per cent increase in overseas sales. The aggregate EBITDA reached €750 million, an increase of 390 per cent. In terms of performance, Nuo has a net asset value equal to twice the capital invested, an internal rate of return of 25 per cent and five completed exits with an average return of 2.4 times the capital invested. With the injection of new capital from South-East Asia, the average investment size will also increase accordingly. “We started with investments of 15 million; now the average size is 100 million, but we envisage being able to rise to 200–300 million in the future, targeting larger objectives and increasingly focusing on majority stake deals,” explains Paoli. Nuo’s patient ‘permanent capital’ approach means that exits are not urgent, but ‘it is natural to imagine that, once our mission is complete, we will exit certain investments,’ he adds. “Bending Spoon, for example, was a successful investment, but with the listing, our role has come to an end. We remain shareholders, however. We’ll assess what to do in the future; there’s no rush.”