NEW YORK, Jan. 13, 2015 /PRNewswire/ -- American
Securities, LLC, a leading U.S. private equity firm, today
announced the first and final closing of American Securities
Partners VII, L.P. (ASP VII) with total capital commitments of
$5 billion. As a result of
strong investor interest, American Securities closed the fund above
the $4 billion target and at the hard
cap the firm established at the outset of fundraising in
September 2014.
"American Securities greatly appreciates the interest expressed
in ASP VII by many long-standing relationships, as well as new
investors, from the US and global investing community," said
Michael G. Fisch, President and CEO
of American Securities. "This new partnership provides us
with further equity capital to support management teams in growing
their businesses."
American Securities invests in partnership with existing
management teams of market-leading businesses, generally having
$200 million to $2 billion of
revenues and/or $50 million to $200
million of EBITDA. The firm strives to be a long-term,
value-added partner to the CEOs and management teams of the
companies in which it is privileged to invest. In deploying
ASP VII, American Securities will pursue the same disciplined
investment approach developed over the past 20 years and will aim
to invest $200 million to $500
million of equity capital in each situation, although larger
investments are also possible.
"ASP VII maintains the 25-year fund life potential of prior
American Securities funds, thus permitting American Securities to
remain invested in a company for many years and allowing management
teams the flexibility to always act in the best long-term interest
of their businesses," stated David L.
Horing, a Managing Director of American Securities, who
along with Mr. Fisch is a Managing Member of ASP VII's general
partner.
American Securities also plans to continue its tradition of
investing with conservative financial structures. CEOs of
companies partnered with American Securities often comment that
these aspects are beneficial to their businesses. "We are a
company with a long history of employee and management ownership,
and American Securities has been a strong partner for us because of
their long-term perspective coupled with their willingness to
utilize lower leverage, which has provided greater flexibility to
our business," said Joe Chlapaty,
Chairman and CEO of Advanced Drainage Systems, Inc. (NYSE:
WMS).
The firm is led by an experienced and cohesive team. The
Managing Directors on the Investment Team average more than 13
years at American Securities. Bill
Redmond, former President and CEO of General Chemical
Corporation, commented on the capabilities and support that
American Securities provides, "During our partnership, we
benefitted greatly from the stability and insight of the American
Securities team. They helped us create value for all of our
stakeholders."
In addition to the Investment Team, American Securities supports
management teams with the Firm's Resources Group, a team of
functional experts available upon request by CEOs.
George Thanopoulos, CEO of Metaldyne
Performance Group Inc. (NYSE: MPG) explained, "American Securities
has been a truly value-added partner. We have been able to
continuously access the Resources Group, particularly in the areas
of information technology and human capital. American
Securities brought MPG talent and unique capabilities that we've
not seen in other private equity firms." Since 2006, the
Resources Group has included a strong China office to support management teams'
Asia-Pacific activities.
Dave Brooks, President and CEO of Unifrax Corporation,
observed, "We chose to work with American Securities a second time
because of the strong relationships we built with their team
initially. In addition, we wanted to expand our footprint in
China and felt that American
Securities' local team in Shanghai
provided valuable specialized expertise."
American Securities LLC
Based in New York with an office in Shanghai, American Securities is a leading
U.S. private equity firm that invests in market-leading North
American companies with annual revenues generally ranging from
$200 million to $2 billion and/or
$50 million to $200 million of
EBITDA. American Securities and its affiliates have
approximately $15 billion under
management.
www.american-securities.com
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SOURCE American Securities, LLC