Arbor Buys Steelite from PNC Riverarch

Arbor Investments has acquired Steelite International, a maker of tabletop and buffet products, from PNC Riverarch, which acquired the company in September 2017.

Steelite is a designer, manufacturer, and distributor of dinnerware, glassware, flatware and other tabletop products to restaurants, hotels, casinos, cruise lines and other foodservice operators. The company’s products are made from china, metal, glass, wood and melamine.

Steelite also considers itself a world leader in the manufacture and distribution of tabletop ranges used by many of the largest international restaurant and hotel chains, and independent restaurants.

Steelite, led by CEO John Miles, was founded in 1983 and is co-headquartered in New Castle, Pennsylvania and Stoke -On-Trent, UK. The company has a 500,000 square foot manufacturing facility that enables it to service its customers located in more than 140 countries. Mr. Miles, who joined Steelite in 1996 and became CEO in 2016, will continue to lead the company under Arbor ownership.

“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 Mr. 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.”

“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,” said Brody Lynn, a partner at Arbor. “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.”

Arbor invests in the food, beverage and related industries. Typical targets will have annual revenues of up to $300 million and EBITDA from $5 million to $50 million. Since founding in 1999, the firm has acquired or invested in over 70 North America-based food, beverage and related companies. In July 2016, Arbor closed its fourth equity fund, Arbor Investments IV LP, with $765 million of capital and its first subordinated debt fund, Arbor Debt Opportunities Fund I LP, with $125 million of capital. The buy of Steelite is the sixth platform investment for Arbor’s fourth fund. Arbor is headquartered in Chicago with an additional office in New York.

Pittsburgh-based PNC Riverarch, the seller of Steelite, invests from $10 million to $50 million in privately-held companies headquartered throughout North America. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance, which in turn is a subsidiary of The PNC Financial Services Group (NYSE: PNC).

© 2020 Private Equity Professional | January 7, 2020

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