NUO is an investment holding, focused on supporting excellent Italian companies in the consumer goods sector. We aim at strengthening their management capabilities, fostering their international growth and facilitating generational transition, while preserving their legacy, identity and independence.
~€500m invested capital
NUO deploys patient capital from a select group of international, multi-generational entrepreneurial families who take an industrial, long-term investment approach.
Founded in 2016, NUO has invested over €500 million, acquiring minority and majority stakes in high-quality Italian consumer companies. Our portfolio companies have achieved aggregate revenue growth of over 100% and profit growth of over 200%. NUO backed companies have seen their combined work force expand by over 55%, reaching 8,000 employees, making a positive impact on Italy’s industrial landscape.
At the core of our investment strategy are the ingenious creators, passionate artisans and visionarypioneers who are the true makers of Italian brands, products and stories. With patient capital and anowner-operator mindset, we look to continue this tradition of entrepreneurship, transferring knowledge from one generation to the next and sharing positive values with all our stakeholders.
When assessing an opportunity, we follow three investment criteria: it must be a Good Deal, in a Good Company, with Good People. Long-term investment takes more than capital, it requires commitment over time. We look for alignment of values with our partners to ensure we are able to share vision and grow sustainably together in the long run.
Our current portfolio has generated annual returns above 30% also thanks to the opening of new markets in China and the United States.
We are highly selective and source proprietary deals that require deep local knowledge and sector-specific experience to access. We believe a good deal is win-win and creates upside value for all shareholders and stakeholders.
Our companies grew revenues abroad by more than 242% since our investment.
We invest in companies that we believe in and are inspired to share with the rest of the world. We look for businesses of exceptional quality, with a unique competitive edge, whose potential we recognize to scale in international markets. We stand by their side, offering daily support, operational tools, and governance.
Together with our companies we have seen an increase in jobs 0f 2000 permanent employees and a significant rise in average compensation.
We partner with companies with a strong corporate culture, where an operational mindset is shared. We look for partners who are ambitious, passionate about what they do and who operate with care and a strong sense of responsibility towards all stakeholders.
Since NUO’s investment in early 2024, Subdued has increased revenues significantly and doubled its EBITDA, while expanding its global footprint. The brand now counts over 100 directly operated stores worldwide, including a strategic entry into China and its first flagship location in New York City, marking its debut in the U.S. market.
In 2019, NUO backed a highly talented team of young engineers who had already built a successful scale-up generating approximately €80 million in revenues through blockbuster consumer apps. Since then, Bending Spoons has launched a multi-billion-euro M&A campaign, evolving into one of the fastest-growing tech players globally, attracting some of the most renowned international institutional investors in the industry.
The company has grown from €70 million in 2021, when NUO approached them for the first time, to €120 million in revenues, and in 2025 it opened a new production facility in North America (Canada) investing more than €40 million. The Felicia brand has expanded globally more than doubling its revenues.
Andriani — https://www.andrianispa.com
Felicia – https://www.felicia.it/en/
Ludovico Martelli has more than tripled its EBITDA since our NUO`s investment in 2019. The company has accelerated its international expansion with foreign markets growing from 25% to 50% of total revenue and the iconic brands Proraso developing in Europe and Marvis becoming a reference for the Asian market.
Proraso — https://proraso-usa.com
Marvis — https://www.marvis.com
With over 200 stores worldwide, 100 of which are in the Asia-Pacific area, Venchi’s international expansion has led to a tripling of its turnover since 2021, the year NUO met them. Today, the foreign market represents two-thirds of the company’s revenue.
Since NUO`s investment in 2022, Montura has embarked on a full-scale development under a newly appointed CEO and management team. The brand is now unlocking its full potential through a bold new plan focused on international expansion and D2C acceleration.
Since NUO’s entry in 2024, the company has accelerated its direct-to-consumer strategy completing two strategic distributor acquisitions, testing mono brand stores, and preparing to launch a new European e-commerce platform. A renewed management team is now driving this evolution with a clear focus on innovation, execution and long-term growth.
Since NUO’s entry in 2024, the company is set to further strengthen its competitive edge with the inauguration of a new state-of-the-art production facility and targeted investments to scale up its presence in the U.S. market. Additionally, the company has kicked off several initiatives to further enhance its organizational and operational capabilities and started a proactive M&A scouting aimed to create an Italian top positioned platform.
Since NUO’s active involvement in 2023, Slowear has started a new development and strategic refocus which led — despite a challenging market environment – to a refined vision, a new management team, an enhanced product offering, and a revised distribution footprint, in line with its core values and long-standing commitment to durable fashion.
Bialetti successfully completed a complex restructuring phase. With NUO’s involvement since June 2025, the company is positioned to achieve new growth targets while maintaining its strong Italian cultural identity. Bialetti aims to expand its iconic Moka presence in key international markets including China, the United States, Germany, and France, while strengthening its positioning as a premium coffee brand.
NUO’s investment philosophy recognizes that sustainable value creation requires more than financial returns, it demands positive impact across multiple dimensions: environmental, social, governance and reputation. Profitable growth and responsible stewardship are not opposing forces but interdependent drivers of long-term success.
We believe that sustainability is about recognizing that the successful businesses of tomorrow will be those that solve real problems, create genuine value, and contribute today, to a better future. Growing Italian excellence means growing businesses that matter.
