Steelite International ("Steelite" or the "Company"), a supplier and manufacturer of award-winning tabletop, buffet, and lighting solutions to the global hospitality industry, announced today the acquisition of Walco Stainless ("Walco"), an independent division of the Utica Cutlery Company. Terms of the transaction were not disclosed.
Established in 1910, Walco is a deeply rooted and highly respected supplier of high-end flatware, steak knives, and buffet products to the U.S. hospitality market. With over 100 years of history and workmanship, Walco has been at the forefront of developing innovative and high-quality designs that have shaped the foodservice industry.
"The Walco name has become synonymous with quality, dependability, and service,” said Steelite President and CEO John Miles. “Adding Walco to the Steelite portfolio of brands is a testament to our continued commitment to provide a full suite of innovative, on trend products to our hospitality partners to help create truly memorable event and dining experiences for their patrons. This acquisition makes Steelite the largest flatware supplier to the North American hospitality industry, and our robust global infrastructure provides the ideal platform to take the Walco brand and further grow internationally."
Steelite International is owned by Arbor Investments, a specialized private equity firm that focuses exclusively on acquiring premier companies in food, beverage, and related industries. Arbor announced the acquisition of Steelite in December 2019 and has made significant investments to grow the business both organically and through acquisitions.
“The acquisition of Walco marks the fifth add-on to the Steelite platform and fortifies the Company’s position as the clear market leading supplier to the global hospitality industry across all major tabletop categories,” said Brody Lynn, Partner at Arbor. “Steelite’s unwavering dedication to serving its customers has been the catalyst for tremendous growth post-pandemic and strengthened the Company’s position as the go-to partner for foodservice operators around the world.”