The name Bialetti immediately evokes the image of the moka pot—an icon of Italian design and daily life. Yet as of 2025, the brand is no longer under Italian control. Nuo Capital, a Luxembourg-based fund with roots in Hong Kong, has acquired 78.6% of the company for €53 million, committing to a capital injection of €49.5 million and a full debt restructuring (Source: Reuters).

This is more than a headline. It’s a turning point that raises crucial questions for Italian SMEs looking to preserve industrial independence and strengthen their long-term competitiveness.

Beyond the financial crisis: when heritage becomes fragile

In 2024, Bialetti reported €152 million in revenue but posted a net loss of €1.1 million and carried over €82 million in debt (Source: Wired). Despite a modest sales recovery, margins remained thin and the company could no longer sustain its debt with internal resources.

The issues ran deeper than the financials. Contributing factors included:

• An inflexible product portfolio, still heavily reliant on the traditional moka pot as the market shifted toward capsules and smart brewing systems;
• Limited innovation, with new products and distribution strategies failing to deliver competitive advantages;
• A retail model that couldn’t scale, based on mono-brand stores, which proved particularly vulnerable during and after the pandemic.

Brand identity alone is not a business strategy

For years, Bialetti relied on the symbolic power of its brand. But when identity is not backed by a coherent industrial strategy, perceived value tends to erode. Nuo Capital’s acquisition came at a point when strategic options were limited and the company had become exposed.

The lesson for Italian SMEs is clear: a strong brand is not a safety net. It’s a strategic asset that must be activated, strengthened, and protected through clear vision, strategic partnerships, and well-defined business choices.

Act before the crisis, not during

The Bialetti case shows what can happen in the absence of strategic alliances or timely aggregation. When M&A is used only as a defensive measure, negotiating power weakens and options narrow.

SMEs that want to grow without compromising their identity should view M&A as:

• A tool for technological and commercial expansion;
• A gateway to new capabilities and international markets;
• A pathway to scale, resilience, and long-term sustainability.

Market dynamics, governance, and scale

In the last two years, Italy has seen a sharp rise in corporate consolidation. According to KPMG, M&A activity in 2024 increased by 13%, with a total transaction value of €73 billion (Source: KPMG M&A Outlook). International investors have shown growing interest—particularly in established brands and high-potential companies.

This prompts a strategic question for SMEs: do you want to be the one making acquisitions, or the one being acquired? It’s not about size—it’s about direction and the ability to shape your own future.

Conclusion

The Bialetti acquisition is not a loss—it’s a lesson. Letting the market dictate your company’s fate is often the most expensive choice. Planning strategic partnerships, capital openings, or M&A transactions before they become necessary is the real challenge for today’s Italian SMEs.

A brand’s value lasts only as long as it’s backed by strategy. The time to act is not tomorrow—it’s now.