NUO is an investment holding based in Milan created to back outstanding Italian companies with the potential to become global leaders in the long run.
NUO was founded by Tommaso Paoli and Stephen Cheng in 2016 and is powered by the capital of a selective group of italian and international multi-generational entrepreneurial families with a flexible investment horizon and a global network of strategic relationships.
NUO has built a portfolio of iconic Italian trophy brands in the consumer goods and technology space.
NUO has a ten-year track record of building Italian consumer champions:
NUO invests long-term, flexible capital into Italian champions, selected through a disciplined approach in order to empower each company to become best in class and achieve significant international growth.
NUO looks for Italian-headquartered businesses with the potential to become global leaders in their niche:
NUO acts through majority and/or minority equity stakes with relevant governance rights, a conservative use of leverage and a flexible exit horizon aimed at maximizing value creation in absolute terms, more than IRR.
NUO assesses opportunities following three investment criteria:
NUO has a dedicated team of 6 business development professionals in Hong Kong and Shanghai, directly boosting portfolio companies’ growth in Asia providing a direct, hands-on advantage — from market entry to retail execution — leveraging on NUO’s shareholder network.
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 €130 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 55% 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 220 stores worldwide, 130 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 is led by Tommaso Paoli coordinating a cohesive team specialized in consumer goods, with 40+ years of cumulative private equity experience, 25+ PE transactions completed, 25+ years of cumulated CEO experience in consumer goods businesses.
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 reputational. 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.
