YOUNGSTOWN, Ohio, and STOKE-ON-TRENT, England, June 27, 2024 /PRNewswire/ -- Steelite International ("Steelite" or the "Company"), a world leading supplier and manufacturer of award-winning tabletop, buffet, and lighting solutions to the global hospitality industry, announced today its acquisition of Utopia Tableware Ltd ("Utopia"). The acquisition adds Utopia's innovative product lines, premier brands, a centralised distribution center and state-of-the-art decorating facility to Steelite's global footprint and expansive portfolio. With this strengthened offering and infrastructure, Steelite will continue to deliver growth in the UK and across continental Europe. Terms of the deal were not disclosed.
Founded in 2000 and based in Chesterfield, UK, Utopia offers an extensive range of tableware, glassware, and accessories designed for the hospitality and branded glass market, with a significant emphasis on new product development, innovative presentation solutions, and an array of classic essentials. Steelite and Utopia began a commercial partnership in 2023 when Steelite became the exclusive distributor for Utopia, Pasabahce and Nude products in the US.
Steelite acquired Utopia from its founder and CEO, Mark Rammell, and his family, who built Utopia into one of the leading tableware suppliers in the UK.
"Mark Rammell and his team created a business with terrific products, people and culture and we strongly believe Utopia is the perfect addition to Steelite," stated Steelite International's President and CEO, John Miles. "Furthermore, the Utopia acquisition is a testament to our deep commitment and belief in the continued opportunities for the global hospitality industry. This combination will provide our customers and end users with an enhanced array of innovative products and outstanding service that has become synonymous with both companies."
"We are thrilled about the future as we join Steelite, a company that shares our vision for growth and a commitment to our same core values," remarked Mark Rammell. "This acquisition places our business in great hands, ensuring continued success, growth and innovation. Together, the two companies can build on our strong foundations to achieve even greater things for our valued customers."
Steelite is majority owned by Arbor Investments, a specialised private equity firm that focuses exclusively on acquiring premier companies in food, beverage, and related industries. Arbor acquired Steelite in December 2019, and has made significant investments to grow the business both organically and through acquisitions. The Utopia transaction represents Steelite's seventh acquisition under Arbor's ownership.
"We can't think of a better fit between two businesses - the symmetries across cultures, product-centricity and approaches to customer service are really compelling," noted George Russell, Arbor Principal. "Utopia brings a tremendous team, operating expertise, and industry-leading digital capabilities that we plan to leverage across the broader global Steelite platform. This deal positions Steelite to rapidly accelerate its international growth plans, while further strengthening the product offering and service capabilities offered to its core US and UK customers."
About Steelite International
Headquartered in Youngstown, OH, Steelite International is a leading designer, marketer, manufacturer, and supplier of award-winning tabletop, buffet products and lighting solutions for the global hospitality industry, selling products into over 30,000 end-user locations across 140 countries. The Company manufactures products out of three facilities located in Stoke-On-Trent, UK, Manlius, NY, and Tijuana, MX totaling over 600,000 sq. ft. and sources products from 17 different countries.
www.steelite.com
About Arbor Investments
Founded in 1999, Arbor Investments is a specialised private equity firm focused exclusively on acquiring premier companies in food, beverage, and related industries. To date, the firm has acquired or invested in over 85 food & beverage and related companies in North America. Arbor is headquartered in Palm Beach, FL with additional offices in Chicago and New York.
www.arborpic.com
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