US private equity firm serves up deal for Stoke manufacturer
US private equity firm Arbor Investments has bought Stoke tablewear firm Steelite from PNC Riverarch Capital.
Steelite is a manufacturer, designer, distributor and supplier of tabletop and buffet products for the hospitality and foodservice industries.
Steelite’s president and CEO, John Miles, will continue to lead the company from its global headquarters in New Castle, Pennsylvania.
Miles said: “I’ve been in this industry for over 30 years and truly have a passion for our products, our employees, and the longstanding partnerships we’ve built at Steelite.
“As we looked to our next chapter, it was important for our management team to find a like-minded partner who not only brings industry experience but also shares our appetite and vision for ambitious growth. Arbor’s extensive involvement in the food industry and unmatched track record of success make them the ideal partner for Steelite.”
Arbor partner Brody Lynn said: “Steelite clearly is a world leader with an exceptional brand reputation in the market as an innovative, value added partner – a credit to John and the culture he has built at the Company. The entire Arbor team is anxious to work with John and his team to help accelerate growth, both organically and through new partnerships and acquisitions.”
