Tableware manufacturer Steelite International has been acquired by its Americas division president John Miles and PNC Riverarch Capital.
Miles has also been appointed the CEO of Steelite International.
PNC Riverarch is the private equity affiliate of The PNC Financial Services Group, one of the United States’ largest diversified financial institutions.
Miles said: “Having worked in the business for 20 years and served as president of the Americas division for the past 11 years, it fills me with 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.
“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.”
As a result of the acquisition, 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 commented: “Steelite International has been my life’s work and I am honoured to have been part of such a committed and passionate team.
“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.”
Michael Rost, MD of PNC Riverarch, added: “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 has 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.”