July 18, 2001
American Securities Capital Partners Announces Final Closing Of Private Equity Fund At $650 Million
American Securities Capital Partners ("ASCP"), a private equity firm based in New York, announced today the final closing of its third investment fund, American Securities Partners III, L.P., with commitments of $650 million, well above its original target of $500 million. "We're very gratified," said Michael G. Fisch, ASCP's president, "that nearly all of our previous limited partners decided to invest in this new fund and, thanks in part to some significant newcomers, the fund became quickly oversubscribed. We see the closing of this fund in the current challenging fundraising environment as a strong vote of confidence in our investment philosophy and our ability to work with managers to create value in middle market companies."
As in prior ASCP managed funds, the largest block of the commitments came from wealthy families, individuals and related entities, Mr. Fisch said. Among ASCP's previous institutional investors who committed to the new fund are the University of Texas, Sun America and Travelers Insurance Co. New institutional investors include AMR Investments, DuPont Pension Trust, Goldman Sachs' Private Equity Group, Howard Hughes Medical Institute and clients of consulting firm Hamilton Lane, including the New York State Common Fund.
ASCP's first fund with outside investors, American Securities Partners, L.P., closed in December 1994 and invested approximately $120 million. Its second fund, American Securities Partners, II L.P., totaled $350 million and closed in June 1998.
ASCP's portfolio companies cover a broad spectrum of manufacturing and service businesses. These include Vutek, the world's leading manufacturer of large-format digital printers; Miltex, the leading supplier of hand-held medical and dental instruments; El Pollo Loco, a leading fast-food restaurant chain based in Southern California; and Dr. Leonard's, the leading direct-mail retailer to the "over 55" market.
American Securities Capital Partners, L.P. is a private investment partnership that invests in middle-market companies primarily located in the United States and Canada. The firm seeks to generate long-term capital appreciation by making equity investments generally between $20 million and $75 million in companies with annual revenues generally ranging from $50 million to $350 million.
ASCP's philosophy is built upon (i) investing in companies with highly defensible market positions in industries with stable or growing demand, (ii) partnering with proven management teams, (iii) capitalizing investments conservatively and (iv) working diligently with portfolio company management teams to create value.
ASCP is the merchant banking and private equity arm of American Securities, L.P., which now has more than $3 billion of assets under management and was founded by William Rosenwald in 1947. His father, Julius Rosenwald, built the family fortune as the president and principal shareholder of Sears Roebuck & Co. in the early 1900s.
