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Steelite Acquires Diversified Ceramics

24 July 2023

Press Release

FOR IMMEDIATE RELEASE

July 24, 2023

Steelite International Strengthens its Hospitality Presence with Acquisition of Diversified Ceramics

Youngstown, OH. -- [July 24, 2023] -- Steelite International ("Steelite" or the "Company"), a leading international supplier and manufacturer of award-winning tabletop, buffet, and lighting solutions to the global hospitality industry, is pleased to announce its acquisition of Diversified Ceramics Corporation, a renowned manufacturer of vitrified dinnerware for the foodservice industry.

Since its founding in 1976, Diversified Ceramics has become recognized for quality, single-fired, lead-free vitrified china. Its reputation and commitment to providing customers with quality, value, and service was highly attractive to Steelite. With the acquisition, Steelite can offer a broader range of skillfully crafted ovenware and custom products to the global hospitality market.

"Diversified is known for moving quickly from 3D prototype to execution for chain customers. We're delighted to welcome Diversified Ceramics to the Steelite International family," said John Miles, CEO of Steelite International. "This acquisition allows us to combine our strengths and expertise to deliver even greater value to our customers. With Diversified Ceramics' outstanding product range, we further elevate our ability to offer innovative and inspiring solutions that enhance dining experiences."

"Joining forces with Steelite International is an exciting opportunity for Diversified Ceramics," said David Hoon, President of Diversified Ceramics. "We're proud of what we have delivered to customers to date and are confident that Steelite is best positioned to drive the next growth phase. Under Steelite's stewardship, Diversified Ceramics will continue to innovate and create unique products that exceed customers' expectations."

"With this acquisition, the sixth under Arbor ownership, Steelite continues to strategically enhance its tableware portfolio and expand its offering of custom products to global hospitality operators," said George Russell, Vice President at Arbor Investments. "We're excited to accelerate the Diversified Ceramics business by combining its exceptional products with Steelite's leading sales and distribution infrastructure and broad customer relationships."

Headquartered in Youngstown, OH, Steelite International operates in over 140 countries, supplying products to more than 50,000 end-user locations. With multiple manufacturing facilities and 16 showrooms across the globe, Steelite is dedicated to offering top-notch design and functionality while minimizing its environmental impact. Steelite International is owned by Arbor Investments, a specialized private equity firm that focuses exclusively on acquiring premier companies in food, beverage, and related industries. Arbor acquired Steelite in December 2019 and has made significant investments to grow the business both organically and through acquisitions.

About Steelite International:

Steelite International is a leading designer, marketer, manufacturer, and supplier of award-winning tabletop, buffet products, and lighting solutions for the global hospitality industry. The Company prides itself on delivering exceptional quality and design while maintaining a commitment to sustainability. With a vast global presence, Steelite International continues to set the standard for excellence in tabletop solutions. For more information, visit www.steelite.com.

About Diversified Ceramics:

Diversified Ceramics specializes in manufacturing vitrified tableware for the foodservice industry. Founded in 1976 and located in Alvin, Texas, Diversified Ceramics prides itself on creating quality products that are single-fired and lead-free. Over the years, Diversified Ceramics has grown from producing two coffee mug designs to crafting over 250 items in more than 50 colors.

About Arbor Investments:

Founded in 1999 with offices in Palm Beach, Chicago, and New York, Arbor Investments is a specialized private equity firm focused exclusively on acquiring premier companies in the food, beverage, and related industries. To date, the firm has acquired or invested in over 80 companies in North America. www.arborpic.com.