Alantra advised the shareholders of Steelite Internationalon the sale of the business via a private equity-backed management buy-out
SECTORConsumer Goods & Retail
Alantra has advised the shareholders of Steelite Internationalon the sale of the business via a private equity-backed management buy-out. John Miles, President of Steelite USA, has led the buy-out with funding support from US private equity firm PNC Riverarch Capital and debt providers Bank of Montreal and The Private Bank.
Steelite International is a world-leading manufacturer and supplier of award-winning, inspirational tabletop ranges for the international hospitality industry. The business can trace its roots back to 1857 when the first factory supplying hotel porcelain was established in Stoke-on-Trent. Steelite now spans the globe with trading relationships in over 140 countries supplying sectors including catering, restaurants, casinos and hotels. The company’s core chinaware products are manufactured at its factory and global headquarters in Stoke-on-Trent – one of the most modern and efficient production units in the world – with its Americas division operation servicing that part of the world from its distribution facilities in New Castle, Pennsylvania. The company’s global specialist supply partners complete the tabletop offering with glassware, flatware, buffetware and unique accessories.
At the same time as the PNC Riverarch Capital investment, Kevin Oakes has acquired the Royal Crown Derby subsidiary business of Steelite and chosen to exit the wider Steelite business after a 39-year tenure, the last ten years of which were spent as chief executive. Kevin Oakes leaves Steelite International in a strong position having taken sales from £45m to over £100m in ten years, whilst achieving record profitability in 2015. Royal Crown Derby is a world-leading manufacturer of exquisite fine bone china tableware and giftware supplying the world’s finest retailers, luxury hotels, restaurants and global royalty in 50 countries.
Steelite International will continue to represent Royal Crown Derby in the hospitality market.
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