Tabletop products supplier Steelite has been bought out by the president of its Americas division, John Miles, and private equity firm PNC Riverarch Capital, with Miles himself immediately moving to the role of CEO.
As a result of the deal, former Steelite CEO Kevin Oakes has acquired English fine bone china manufacturer, Royal Crown Derby, after exiting Steelite International after a 39-year tenure, the last 10 years of which were spent as chief executive.
Steelite International will continue to represent Royal Crown Derby in the hospitality market.
Oakes said: “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.”
Steelite’s business spans a number of industry sectors including catering, restaurants, casinos and hotels. The company’s global specialist partners complete its tabletop offering with glassware, flatware, buffetware and unique accessories.
Following the takeover, Miles said that having worked in the business for 20 years and served as president of the Americas division for the past 11 years, he feels “immense pride” to have made this personal investment alongside PNC Riverarch.
“Steelite International is known as the leader in the hospitality tableware industry and our goal is to continue that leadership through the introduction of new, creative and innovative products,” he said. “We will continue the investment in the manufacturing sector to improve efficiencies, service levels and provide value added to our customers. I look forward to working with our management team to grow and improve the business.”