Tableware manufacturer served up to US investors in multi-million deal

STOKE-ON-TRENT ceramics group, Steelite International, has been acquired by US investors in a multi-million-pound private equity deal.

The company, which makes and supplies tabletop products for the hospitality industry, has been acquired by Americas division president John Miles in collaboration with PNC Riverarch Capital.

The terms of the deal have not been disclosed.

The deal also provides an exit from the business for former CEO Kevin Oakes, who has been with the business for 39 years.

However, far from leaving industry, Mr Oakes – a former Midlands Entrepreneur of the Year – has decided to put his experience to good use and has invested some of the proceeds of the sale to acquire English fine bone china manufacturer, Royal Crown Derby.

Steelite International will continue to represent Royal Crown Derby in the hospitality market.

Mr Miles has succeeded Mr Oakes as CEO of Steelite.

He said: “Having worked in the business for 20 years and served as president of the Americas division for the past 11, it fills me with immense pride to have made this personal investment alongside PNC Riverarch.

“Steelite International is known as the leader in the hospitality tableware industry and our goal is to continue that leadership through the introduction of new, creative and innovative products. We will continue the investment in the manufacturing sector to improve efficiencies, service levels and provide value added to our customers. I look forward to working with our management team to grow and improve the business.”

Mr Oakes said: “Steelite International has been my life’s work and I am honoured to have been part of such a committed and passionate team. I firmly believe that Steelite International is the best in the world and the people, products and company values are testament to this collective success.

“I am delighted to hand the business over to John Miles and the management team whom I’ve worked with for a number of years and I am confident that the tradition of reinvesting profit back in to the business will continue. I now look forward to an exciting future working with Steelite International who will represent Royal Crown Derby in the hospitality market.”

PNC Riverarch is the private equity affiliate of The PNC Financial Services Group, one of the United States’ largest diversified financial institutions.

Michael Rost, managing director of PNC Riverarch, said: “We are very pleased to have the opportunity to partner with John Miles and Steelite. The company’s focus on product quality, innovation, and customer service have driven strong brand recognition and attractive financial performance. We look forward to working with the Steelite team to build on the company’s impressive history of growth.”

UK shareholders were represented by Catalyst and Mr Miles by Confluence Advisors. Senior financing for the transaction was provided by the Bank of Montreal and The Private Bank.

Eversheds acted as an advisor to Steelite. Its corporate team was led by partner Catherine Eley, with support from associates James Finney and Peter McHugh.

Click here to sign up to receive our new South West business news...
Close