Tableware supplier Steelite International has secured a £29m unitranche debt financing facility that will bolster the company’s future growth plans.
The financing was arranged and provided by debt capital specialist H.I.G. WhiteHorse, and will be used to allow Steelite to build on its current market position and support management in taking full ownership of the company.
Kevin Oakes, chief executive at Steelite, said: “H.I.G. WhiteHorse has demonstrated a good understanding of our business during this process. We are looking forward to continuing this partnership as we take our next strategic steps.”
The Stoke-on-Trent outfit designs and manufactures dinnerware products and supplies glassware and cutlery from third parties for use in hotels, restaurants and other hospitality events.
Haseeb Aziz, managing director at H.I.G. WhiteHorse, said: “Steelite is a successful UK manufacturing business run by an experienced management team. We are pleased to provide a flexible financing solution to support the company in the next stage of its growth and support management to take full ownership of their company.”
Steelite has an established sales and distribution network with international presence in the US, Canada, Germany and Australia and distribution networks in growing markets such as Russia and the Middle East. Its sales last year reached £80m.