H.I.G. WhiteHorse, a provider of debt capital to European mid-market companies, has arranged and provided a unitranche debt financing for Steelite International Holdings Limited. Headquartered in Stoke-on-Trent, UK, Steelite was formed following the acquisition of the Hotelware division of Royal Doulton in 1983. The company is a provider of tableware for the international hospitality industry.
H.I.G. WhiteHorse, a leading provider of debt capital to European mid-market companies, has arranged and provided a £29m unitranche debt financing for Steelite International Holdings Limited (“Steelite”), a leading provider of tableware for the international hospitality industry.
H.I.G. WhiteHorse has implemented a flexible debt financing to allow Steelite to build on its current market position and support management in taking full ownership of the company.
Kevin Oakes, Chief Executive at Steelite, said: “H.I.G. WhiteHorse has demonstrated a good understanding of our business during this process. We are looking forward to continuing this partnership as we take our next strategic steps.”
Richard Poole, Finance Director at Steelite, added: “We are very pleased to have H.I.G. WhiteHorse as a financing partner. They demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements.”
Haseeb Aziz, Managing Director at H.I.G. WhiteHorse, said: “Steelite is a successful UK manufacturing business run by an experienced management team. We are pleased to provide a flexible financing solution to support the company in the next stage of its growth and support management to take full ownership of their company. Steelite is the third financing transaction we have completed in the UK in the last 12 months.”
Headquartered in Stoke-on-Trent, UK, Steelite was formed following the acquisition of the Hotelware division of Royal Doulton in 1983. Steelite designs and manufactures dinnerware products and supplies glassware and cutlery from third-parties for use in hotels, restaurants and other hospitality events.
Steelite benefits from a strong reputation for design, innovation and high quality manufacturing, generating significant product demand and sales in over 120 countries. Steelite has an established sales and distribution network with international presence in the US, Canada, Germany and Australia and distribution networks in growing markets such as Russia and the Middle East.
Steelite has produced a consistent performance throughout the economic downturn, illustrating its strong reputation for design, innovation and high quality manufacturing, and generated sales of over £80 million over the last 12 months.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Capital facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more.
For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com
About H.I.G. Capital
H.I.G. Capital is a leading global investment firm with more than €10 billion of equity capital under management. Based in Miami, H.I.G. Capital has offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris and Rio de Janeiro.