As we conclude another year and mark our 30th anniversary, we are proud of the continued progress across our portfolio, driven by the dedication of our colleagues and the outstanding leadership of portfolio company management teams. Our focus on operational excellence, strategic investments, and sustainable value creation has allowed us to navigate an ever-changing economic landscape. In 2024, we generated more than $3 billion of distributions, invested in one new company, and closed our ninth fund. Looking ahead to 2025, we remain committed to partnering with exceptional management teams, driving performance across our portfolio, and delivering strong returns to our investors. We believe the foundation that we have built over the past three decades will continue to propel our success in the years to come.

Liquidity Events

We executed liquidity events across
six portfolio companies and generated more than $3 billion
of distributions

Leading global supplier of innovative, highly engineered process equipment to the global food, industrial, and renewable energy industries

Preferred Investment
January 2024
ASP VII

Leading specialty building products distributor of wallboard, suspended ceiling systems, metal framing, commercial doors, and complementary products in North America

Partial Sale & Dividend
January 2024
ASP VIII

Leading independent designer and manufacturer of school buses

Share Sales
February 2024
ASP VII

Leading global provider of damage recovery and restoration services

Preferred Investment
March 2024
ASP VII

Leading provider of technology hardware, software, and services to over 3,500 enterprise and mid-market customers in the U.S.

Dividend
April 2024
ASP VIII

Leading provider of non-destructive testing and related rope access technician solutions to energy and industrial end markets in North America

Sale
July 2024
ASP VIII

Investment Activity

We closed on one new platform
investment and 35 add-ons

Leading provider of cloud communications and technology hardware, software, and services for commercial, enterprise, and public sector organizations

February 2024

Select Add-On Acquisitions

Seven Company logos listed from top to bottom: Jacobs Global, Leverage Information Systems, Micro Abrasives Corporation, Smartech Ma-new-facturing Technologies, TriQuest NDT, Unified Door & Hardware Group, and Wheelco

Investment Profile

Continued focus on United States industrials and services sectors where we believe we have
developed differentiated insights and driven significant value creation

Current Themes of Focus

Building Products

Distribution

Essential Services

Government Services

Industrial Services

Industrial Technology

IT Services

Niche Defensible Industrial Products

Packaging

Power & Energy Transition

Specialty Chemicals

Transportation & Logistics

Portfolio Company Activity

Debt Capital Markets

$13.1

BILLION

Aggregate Debt Refinanced or Issued

TOTAL

Transactions

Transformational Transactions

Transformative Acquistion

Foundation Building Materials acquired Unified Door and Hardware Group to increase scale in its existing commercial door and hardware business, and positioned this product category as a new core segment

August 2024

Reverse Morris Trust

Amentum’s combination with Jacobs Solutions Inc.’s Critical Mission Solutions and Cyber and Intelligence Businesses, resulting in a public company (NYSE: AMTM), created one of the largest pure-play government services providers in the U.S. with Pro Forma Revenues of $13.9 billion¹ and approximately 53,000 employees in approximately 80 countries across all seven continents

September 2024

Merger

Combined two portfolio companies, SOLV Energy and CS Energy, because we believe that the newly created platform represents an opportunity to build a multi-pronged renewable energy services leader

October 2024

Sharing Best Practices Across the
Portfolio

We organize annual opportunities for our portfolio company leaders to connect by
function on topics such as finance, supply chain, human capital, artificial
intelligence, and information technology

CEO Retreat

Each year since 2004, we have hosted a conference with CEOs from our portfolio companies to gather, share best practices, and explore ways to further invest in their success

Functional Leader Conferences

Functional leaders across our portfolio come together to discuss emerging trends, strategic initiatives, and practical insights for enhancing capabilities and operational success. In 2024, we held a CFO and CIO conference; quarterly CFO, General Counsel, and Supply Chain Lead update calls; as well as numerous best practice calls on procurement, commercial excellence, IT, human capital, and finance

AI Integration Initiatives

Our Resources Group has led multiple projects to integrate initiatives into portfolio company operations. For example, we recently focused on leveraging GenAI in company operations through CEO calls, negotiations training, and an ongoing pilot program

Giving Back

Giving back to the communities in which we live and work has been a part of our
values since our inception. Our colleagues have dedicated their time and talents to
making a difference including to the following organizations:

Bronx is Blooming & Winter Wishes

To support “The Bronx is Blooming,” our colleagues created seed pods for local gardens, which will bloom into beautiful wildflowers.

Food Packing Event

We hosted our second annual in-office “packing event” to support Blessings in a Backpack, a national non-profit that provides food for school-aged children across America who might otherwise go hungry.

Food Distribution Event & Fundraiser

American Securities colleagues assisted with organizing WSCAH’s food pantry and social hall and handed out groceries to each family. Through the Firm’s dollar-for-dollar match and colleague volunteerism, we were able to support 600 families in need.

Books / Supply Drive

American Securities colleagues, in collaboration with Hit the Books, helped students with their homework, played games, and learned mixed martial arts skills from them.

2024 Giving Back Event Photos

2023
Citizenship
Report

Our latest Citizenship Report showcases our
initiatives and progress related to ESG and DEI

Firm Updates

Awards & Certifications

We are proud to have received external recognition that reflects our
commitment to investors and management teams as well as dedication to
our colleagues and culture

Liquidity Events

We executed liquidity events across
six portfolio companies and generated more than $3 billion
of distributions

Investment Activity

We closed on one new platform
investment and 35 add-ons

Select Add-On Acquisitions