Steelite International Announces New Ownership
Steelite International has announced that the company has been acquired by John Miles and PNC Riverarch Capital.
Steelite International has announced that the company has been acquired by John Miles, its Americas division president, and PNC Riverarch Capital. Miles has also been appointed CEO of Steelite International. PNC Riverarch is the private equity affiliate of The PNC Financial Services Group.
“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,” said Miles. “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. He leaves Steelite International after a 39-year tenure (10 years as chief executive). Steelite International will continue to represent Royal Crown Derby in the hospitality market.
“Steelite International has been my life’s work, and I am honored to have been part of such a committed and passionate team,” said Oakes. “I firmly believe that Steelite International is the best in the world and the people, products and company values are testament to this collective success. 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”.