Buyout shop American Securities said Tuesday that is has sixth fund, American Securities Partners VI, L.P., with total capital commitments of $3.64 billion. The fund comes in higher than the firm’s previous $2.33 billion fifth fund. American Securities is based in New York with an office in Shanghai.
American Securities LLC, a leading U.S. private equity firm, today announced the closing of its sixth private equity investment partnership, American Securities Partners VI, L.P. with total capital commitments of $3.64 billion. The partnership is above its $3 billion target and more than 50% larger than its $2.33 billion predecessor, American Securities Partners V, L.P.
This partnership maintains the unique 25-year investment term established by American Securities in 2007. Investors include some of the world’s leading high net worth individuals and families, endowments and foundations, as well as pension funds and sovereign wealth funds.
In announcing the closing of ASP VI, American Securities CEO, Michael G. Fisch, said, “We are delighted to continue investing on behalf of many long-standing relationships. At the same time, we are also pleased to have attracted select new investors. This partnership provides us with equity capital to continue supporting additional strong management teams.”
American Securities generally invests in market-leading businesses with $500 million to $2 billion of revenues and $50 million to $200 million of EBITDA. The firm strives to be a long-term, value-added partner to the CEOs and senior management teams of the companies in which it invests. Investments are undertaken with conservative financial structures that typically include only equity and senior debt. The firm aims to invest $150 million to $500 million of equity capital in each portfolio company.
David L. Horing, a Managing Director of American Securities, who along with Mr. Fisch is a Managing Member of ASP VI’s general partner, added, “For the past 18 years, we have worked to position American Securities as a preferred partner of management teams. We have delivered on that partnership through our support of each management team behind which we invest, a consistent long-term investment approach, our conservative capital structures, and our value-added Resources Group. We are excited about investing ASP VI into a variety of market-leading companies.”
While American Securities traces its roots back to 1947, the firm’s initial fund with outside investors was raised in 1994. Thereafter, American Securities has invested in 39 companies in a wide variety of industries, including industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. Equity invested in 21 existing portfolio companies is valued at over $5 billion. The firm focuses on long-term partnerships with existing management teams.
American Securities is led by a stable team of eight Managing Directors who average more than 15 years together. In addition to Messrs. Fisch and Horing, they are Charles D. Klein, Paul Rossetti, Matthew F. LeBaron, Marc L. Saiontz, Kevin S. Penn, and William Fry. The American Securities team further includes more than 20 investment professionals, as well as more than 20 Resources Group professionals. The Resources Group is comprised of senior executives with functional expertise who are “on call” to help portfolio company CEOs and their management teams, at no cost to the companies, for projects CEOs have prioritized. American Securities is headquartered in New York. The firm also has over a dozen colleagues in its Shanghai office, which was opened in 2006 and, as part of the Resources Group, assists portfolio companies on Asia-Pacific strategy, operations, market entry, as well as product and component sourcing.
About American Securities
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 $500 million to $2 billion. American Securities has over $9 billion under management and is currently investing from its sixth fund. The firm traces its roots to a family office founded in 1947 to invest and manage a share of the fortune created from the growth of Sears, Roebuck & Co in the early 1900s.