Business

Two family offices set up investment company to back consumer goods businesses

Two high profile family groups have launched a company to back consumer goods businesses in Italy and have committed €300 million to make investments in the sector. 

Exor, the listed holding and investment group owned by the Agnelli family and overseen by family member, John Elkann, together with Hong Kong family office, The World-Wide Investment Company, owned by the Pao Cheng family, have set up NUO. The new company effectively is a re-branding of NUO Capital, a Milan-based investment group owned by the Agnellis and overseen by Tommaso Paoli, who will also be the CEO of the new venture. 

NUO Capital has been acquiring a number of businesses in wine, clothing, design and digital sectors since it was set up in 2016.

The company, based in Milan with offices in Hong Kong and Luxembourg, will provide not only capital but also support consumer good companies it invests in with strategic advice. It also plans to grow these businesses in fast-growing markets in Asia. 

“We believe that Italy’s wealth of high quality, dynamic medium-sized enterprises, with their wonderful products and tradition, have true potential to become great companies of tomorrow,” said Elkann in a statement on the launch of the new investment group. 

The World-Wide Investment Company claims to be the oldest family office in Hong Kong, set up in 1960 by Sir Yue-Kong Pao, who went on to build the biggest shipping company in the world in the late 1970s and 1980s – now the BW Group. Pao died in 1991 after passing the management of the family business over to his son-and-laws, Peter Woo and Helmut Sohmen. The family business is now managed by members of the third generation, including Stephen Cheng, who is the managing director of The World-Wide Investment Company. 

 

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