Steelite in £29m refinancing deal

Tableware manufacturer Steelite has signed a £29m flexible debt financing deal with private equity firm H.I.G. WhiteHorse.

The agreement will allow Steelite to build on its current market position and support management in taking full ownership of the company.

Kevin Oakes, chief executive at Steelite, said: "H.I.G. WhiteHorse has demonstrated a good understanding of our business during this process. We are looking forward to continuing this partnership as we take our next strategic steps."

Richard Poole, finance director at Steelite, added: "We are very pleased to have H.I.G. WhiteHorse as a financing partner. They demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements."

Haseeb Aziz, managing director at H.I.G. WhiteHorse, said: "Steelite is a successful UK manufacturing business run by an experienced management team. We are pleased to provide a flexible financing solution to support the company in the next stage of its growth and support management to take full ownership of their company."