Midlands firm Steelite International has seen another shake-up following a £43 million secondary buyout.
Private equity firm LDC has sold out its shareholding in the Stoke-on-Trent ceramics company, with Bank of Scotland Integrated Finance taking a minority stake.
It is the second management buyout in four years.
Steelite International was established in 1983, when it was acquired from Royal Doulton, and supplies tableware, cutlery and glassware to the international hospitality industry.
The company employs more than 750 people and has an annual turnover of more than £40 million, of which over 65 per cent is sold overseas.
Following the original MBO in 2002, when LDC invested £15 million, it implemented a strategy to transform the company from a tableware manufacturer into a supplier.
It now both manufactures and buys in product.
The company represents leading industry names such as Spiegelau, Hepp and Elia and has operations in North America, Europe and Australia. It supplies all aspects of the hospitality industry including hotels, restaurants and resorts around the world.
The latest deal sees Kevin Oakes become managing director, with Richard Poole and Bernard Matthews remaining as finance director and production director respectively.
The transaction delivers a complete exit for LDC while Ray Chadwick has stepped down as MD.
John Miles, who is currently president of Steelite International USA, joins the board.
Mr Oakes, formerly sales director, said: "Since the original MBO, we have worked closely with LDC to enhance shareholder value and deliver on our original business plan. We are delighted to have Bank of Scotland as our new partner.
"The whole team is excited about the opportunity to further develop our design and marketing capabilities.
"Progressive investment in both the business infrastructure and people development will ensure Steelite
International continues its history of success with the expansion of new markets and the development of the table-top products portfolio."
Stuart Layzell, who led the deal from LDC's Birmingham office, said: "We were happy to sell our stake to the team who helped deliver a great return and wish them every success for the future."
Steve Lewis, director of integrated finance at Bank of Scotland, said: "Steelite International is an excellent business which retains strong positions in its chosen markets."