Table-top manufacturer and supplier Steelite International has announced that the company has been acquired by America's division president John Miles, and PNC Riverarch Capital.
PNC Riverarch is the private equity affiliate of The PNC Financial Services Group, one of the United States' largest diversified financial institutions and John Miles has also been appointed the CEO of Steelite International.
As a result of the acquisition, former Steelite CEO Kevin Oakes has announced his acquisition of English fine bone china manufacturer, Royal Crown Derby and will exit Steelite International after a 39-year tenure; however, Steelite International will continue to represent Royal Crown Derby in the hospitality market.
John Miles commented: "Having worked in the business for 20 years and served as president of the America's division for the past eleven years, it fills me with immense pride to have made this personal investment alongside PNC Riverarch.
Oakes added: "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."
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 John Miles was represented by Confluence Advisors. Senior Financing for the transaction was provided by the Bank of Montreal and The Private Bank.