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[September 2002]
MBO at Steelite
In a multi-million pound deal, Steelite International PLC (Stoke-on-Trent, Staffs, England) has been bought by its management team led by Managing Director Ray Chadwick, with the help of finance and advice from Birmingham.
Steelite - which manufactures and supplies ceramic hotelware under the Steelite and Albalite brands - has annual sales of around £38 million and employs almost 700 people. It is a privately owned company.
While its employees are mainly in the UK, where the business has around a quarter of the market, Steelite has overseas companies in the USA, Canada, France, Germany, Benelux and Australia. More than half of its output is exported, making it one of the world's leading suppliers in the field.
Ray Chadwick said: "This represents a clear and unambiguous statement of our personal belief in the company, its products and, most importantly, its people. We have a successful business with a strong presence in a growing market, with brand names which are both well known and respected.
"The company is well placed to develop its business further and the change of ownership will give us the financial backing, the incentive and long-term perspective to do this. The existing executive management team will continue in place, meaning that we have the benefits of continuity combined with a renewed focus and enthusiasm for success. Significant investment is planned in production facilities and new product development."
Along with Ray Chadwick, the other members of the team have all worked together at Steelite for over 10 years. They are Kevin Oakes (Sales Director), Bernard Matthews (Production Director) and Richard Poole (Finance Director).
ENDS