August 23, 2010
American Securities Acquires 51% of Fairmount Minerals
American Securities LLC, a New York-based private equity firm, is pleased to announce that it acquired a majority interest (51%) in Fairmount Minerals, effective August 5th. Headquartered in Chardon, Ohio, Fairmount Minerals is a leading producer of high purity sand for a broad range of industrial applications including sand-based proppants for the oil and gas industry. Equity was provided by American Securities Partners V, L.P., a $2.3 billion private equity partnership.
In making the announcement, Matthew F. LeBaron, a managing director of American Securities, said,
“American Securities is pleased to have acquired a majority interest in Fairmount Minerals, and to partner with the company's management team to support the continued growth of the business.”
William E. Conway, Founder and Chairman of Fairmount, commented, “We have established a new partnership with American Securities and they are consistent with our approach of sustainable development. We are delighted to be working a private equity firm that makes investments for as long as 25 years, instead of the five- to seven-year investment cycles of most private equity firms.”