Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in premier companies within the food, beverage and related industries announced today the acquisition of Steelite International (“Steelite” or the “Company”) from PNC Riverarch Capital. Steelite is a world-leading manufacturer, designer, distributor and supplier of award-winning tabletop and buffet products for the hospitality and foodservice industries. Terms of the transaction were not disclosed.
Steelite’s President and CEO, John Miles, will continue to lead the Company from their headquarters in New Castle, Pennsylvania. Miles spent his entire career in the business, first at Woodmere China and then at The Homer Laughlin China Company before joining Steelite in 1996 as a Regional Sales Manager. Miles advanced through numerous leadership roles and responsibilities, culminating as President of the Americas division in 2005. With the recapitalization of Steelite in 2016, Miles was named President and CEO of the Company.
Under Miles’ vision and leadership, Steelite has significantly expanded their presence in the global hospitality and foodservice industries, now trading in over 140 countries. Their comprehensive product offering of exclusive and owned brands across dinnerware, glassware, flatware, melamine, buffetware and accessories can be found on tabletops at restaurants, hotels, casinos and cruise lines servicing tens of thousands of customers around the world.
“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,” said Miles. “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.”
Commenting on the deal, Arbor Partner Brody Lynn stated, “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.”
The Steelite acquisition marks the sixth platform investment out of Arbor Investments’ Fund IV. Kirkland & Ellis served as Arbor’s legal counsel in connection with the transaction.