Global pottery firm Steelite International has been acquired by US investment firm Arbor Investments.
The company – which is headquarters in Middleport, Stoke-on-Trent – has been taken over by the Chicago-based private equity firm for an undisclosed amount.
Arbor specialises in investing in companies which predominantly operate within the food and beverage sector – such as tabletop products manufacturer Steelite.
According to StokeonTrentLive the company has so far failed to confirm or deny whether any jobs are at risk following the acquisition.
Steelite president and CEO John Miles said: “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.
“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.”
Mr Miles added that he is to fly over to Youngstown in Ohio in January for a two-day meeting with Steelite’s global management team.
Brody Lynn, partner at Arbor, said: “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.
“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.”
The post Stoke-on-Trent pottery giant Steelite International acquired by US investment firm appeared first on USNewsRank.