Recapitalization • Consumer Products

PNC Riverarch Capital Acquires Steelite

On June 14, 2016, private equity firm PNC Riverarch Capital acquired consumer products company Steelite from Caird Capital

Acquisition Context
  • This is PNC Riverarch Capital’s 1st transaction in the Consumer Products sector.
  • This is PNC Riverarch Capital’s 1st transaction in the United Kingdom.
Investment Fate
  • Steelite was sold to a consortium of financial buyers in 2019.

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M&A Deal Summary

Date June 14, 2016
Target Steelite
Sector Consumer Products
Buyer(s) PNC Riverarch Capital
Sellers(s) Caird Capital
Deal Type Recapitalization

Target Company

Steelite

Staffordshire, United Kingdom
Steelite is a manufacturer, designer, distributor, and supplier of award-winning tabletop and buffet products for the hospitality and foodservice industries. Steelite was founded in 1983 and is based in Staffordshire, United Kingdom.
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Buyer Overview 1

Buyer

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.


Deal Context for Buyer #
Overall 12 of 37
Sector: Consumer Products 1 of 5
Type: Recapitalization 3 of 4
Country: United Kingdom 1 of 2
Year: 2016 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-14 Feeders Supply

Louisville, Kentucky, United States

Feeders Supply is an operator of 16 retail locations primarily in the Louisville metropolitan area. The company is focused on providing “everything you need for all the pets you feed” and offers a broad selection of premium pet food brands and products. Feeders Supply was founded in 1959 and is headquartered in Louisville, Kentucky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 Five Star Food Service

Chattanooga, Tennessee, United States

Five Star Food Service is a provider of micro-markets, office coffee and water services, vending solutions, and corporate dining services in the Southeast. Five Star Food Service was founded in 1993 and is based in Chattanooga, Tennessee.

Buy -

Seller Profile 1

DESCRIPTION

Caird Capital was a private equity firm focused on acquiring and investing in UK-based middle-market companies. Caird does not have any sector preferences. Caird Capital was founded in 2010 and is based in London, England.


Deal Context for Seller #
Overall 17 of 19
Sector: Consumer Products 1 of 1
Type: Recapitalization 2 of 2
Country: United Kingdom 16 of 18
Year: 2016 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-01 TM Lewin Group

London, United Kingdom

T.M. Lewin is a British businesswear retailer, known for its Jermyn Street heritage, invention of the first button-through shirt and affordable British style. T.M. Lewin serves customers from over 95 stores in the UK and Australia and over 90 franchise stores in the Middle East, Africa, India, South East Asia, and a strong online presence. T.M. Lewin was formed in 1898 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-15 Willerby

Hull, United Kingdom

Willerby is a manufacturer of static holiday homes. The Willerby brand is well known by both holiday park operators and end consumers, and the business has a good reputation for build quality and aftersales service. The majority of its holiday homes are sold to retail customers through park operators and dealers, or sold for use as rental units in holiday parks. Willerby was founded in 1946 and is based in Hull, United Kingdom.

Sell -