Steelite acquires UK hospitality supply business
Steelite International has purchased Utopia, a British supplier of tableware and glassware, for an undisclosed amount.
The acquisition provides Steelite with access to Utopia’s product lines, brands, centralised distribution centre, and state-of-the-art decorating facility, while also expanding its international presence.
Established in 2000 and headquartered in Chesterfield, UK, Utopia provides a wide array of tableware, glassware, and accessories specifically designed for the hospitality industry and branded glass market.
Steelite and Utopia initiated a commercial partnership in 2023, with Steelite becoming the exclusive distributor for Utopia and Pasabahce products in the United States.
Steelite has acquired the business from its founder and CEO, Mark Rammell, along with his family.
Mark Rammell stated that Steelite shares its vision for growth and is committed to the same core values.
He said: “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.”
John Miles, president and CEO of Steelite International, remarked that Mr. Rammell and his team had built a business with 'terrific products, people, and culture.'
He added: “We strongly believe Utopia is the perfect addition to Steelite. Further, 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.”
Steelite is primarily owned by Arbor Investments, a specialised private equity firm dedicated to acquiring top companies within the food, beverage, and related sectors.
Arbor Investments acquired Steelite in December 2019 and has since made substantial investments to foster the company's growth through organic expansion and strategic acquisitions.
The acquisition of Utopia marks Steelite's seventh purchase under Arbor's ownership.
Based in Youngstown, Ohio, Steelite distributes its products to over 30,000 end-user locations spanning 140 countries. The company operates manufacturing facilities in Stoke-On-Trent, UK, Manlius, New York, and Tijuana, Mexico, with a combined area exceeding 600,000 square feet. Additionally, Steelite sources products from 17 different countries.
The acquisition provides Steelite with access to Utopia’s product lines, brands, centralised distribution centre, and state-of-the-art decorating facility, while also expanding its international presence.
Established in 2000 and headquartered in Chesterfield, UK, Utopia provides a wide array of tableware, glassware, and accessories specifically designed for the hospitality industry and branded glass market.
Steelite and Utopia initiated a commercial partnership in 2023, with Steelite becoming the exclusive distributor for Utopia and Pasabahce products in the United States.
Steelite has acquired the business from its founder and CEO, Mark Rammell, along with his family.
Mark Rammell stated that Steelite shares its vision for growth and is committed to the same core values.
He said: “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.”
John Miles, president and CEO of Steelite International, remarked that Mr. Rammell and his team had built a business with 'terrific products, people, and culture.'
He added: “We strongly believe Utopia is the perfect addition to Steelite. Further, 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.”
Steelite is primarily owned by Arbor Investments, a specialised private equity firm dedicated to acquiring top companies within the food, beverage, and related sectors.
Arbor Investments acquired Steelite in December 2019 and has since made substantial investments to foster the company's growth through organic expansion and strategic acquisitions.
The acquisition of Utopia marks Steelite's seventh purchase under Arbor's ownership.
Based in Youngstown, Ohio, Steelite distributes its products to over 30,000 end-user locations spanning 140 countries. The company operates manufacturing facilities in Stoke-On-Trent, UK, Manlius, New York, and Tijuana, Mexico, with a combined area exceeding 600,000 square feet. Additionally, Steelite sources products from 17 different countries.
02/Jul/2024 07:49