Confluence Advisors is pleased to announce the recapitalization of Steelite International (“Steelite” or the “Company”), by PNC Riverarch Capital and John Miles, Steelite’s Americas division President. Steelite is a leading designer, manufacturer, and distributor of tableware, glassware and other tabletop products to restaurants, hotels and other foodservice operators around the world. The recapitalization includes a significant reinvestment by Steelite executive John Miles who will lead the company going forward.
“Having worked in the business for 20 years and having 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 John 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.”
Steelite is headquartered in Stoke-on-Trent, U.K. and New Castle, PA. The Company’s core chinaware products are manufactured at its factory in Stoke-on-Trent, one of the most modern and efficient production facilities in the world. The New Castle headquarters includes the primary distribution facility for the Americas operation. Steelite has approximately 1,000 employees and revenues are about $150 million.
Confluence Advisors served as the exclusive financial advisor to John Miles in the transaction. Senior financing was provided by the Bank of Montreal and The Private Bank.
About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity firm which invests in privately-held companies. The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of leveraged and management buyouts, recapitalizations, corporate divestitures and growth financings. PNC Riverarch is a division of PNC Capital Finance, LLC, a wholly-owned indirect subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC). Since 1982, PNC has invested over $1.0 billion of equity capital in more than 100 companies.
About Confluence Advisors, LLC
Confluence helps business owners maximize the sale of a business or non-core division, raise optimal funding, or acquire a business. With over 80 years of combined deal experience and more than $1.5 billion in transactions, the Confluence team works every day to help companies and their stakeholders through critical business transitions.