Nutkao, founded in 1982 and based in Canove di Govone (Cuneo), is one of the European leading manufactures of nut-based chocolate spreads for the private label retail channel. The company is also involved in the production of chocolate-based intermediate products (liquid chocolate, chocolate in drops, stuffing) for the confectionary industry.

In July 2010 the CPEF acquired a majority stake from the founding family through a management buy-in transaction.

In June 2011 the fund sold his stake back to the founding family.