HIG provides unitranche to support Steelite MBO

Headquartered in Stoke-on-Trent, Steelite was founded in 1983 on the back of the acquisition of Royal Doulton's hotelware division. It designs and manufactures dinnerware products and also supplies glassware and cutlery to hotels, restaurants and other hospitality events. It posted an £80m turnover in 2013.

Bank of Scotland Corporate backed the secondary buyout of Steelite and secured a minority stake in 2006. The £43m deal enabled LDC to fully realise its 2002 investment in the company.

Steelite is believed to have been part of the Bank of Scotland portfolio sold by Lloyds to Coller-controlled Cavendish Square Partners in 2010.

HIG Capital launched the European operations of its US credit business, HIG WhiteHorse, in London in 2012. The firm provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts and balance sheet recapitalisations. Facilities typically range from €10-75m.

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