December 15, 2004
American Securities Capital Partners Announces Final Closing of American Securities Partners IV, L.P. With $1 Billion of Commitments
American Securities Capital Partners LLC ("ASCP"), a private equity investment firm based in New York, announced today the final closing of its fourth investment fund, American Securities Partners IV, L.P. With commitments of $1 billion, the fund closed well above its original target of $750 million.
"We're very gratified," said Michael G. Fisch, ASCP's president, "that previous limited partners decided to invest in this new fund and, with the addition of some significant new wealthy family and endowment investors, the partnership quickly became oversubscribed. We see the closing of this fund as a continued vote of confidence in our investment philosophy and our ability to work with managers to create value in U.S. middle-market companies."
As in prior ASCP managed funds, affiliates of ASCP, including the William Rosenwald family, were the largest investors in the partnership. Wealthy families, individuals and related entities make up approximately half of all commitments to the fund, Mr. Fisch said.
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. Its third fund, American Securities Partners III, L.P., closed in July 2001 with $650 million of commitments.
ASCP's portfolio companies cover a broad spectrum of market-leading manufacturing and service businesses. They include Vutek, the world's leading manufacturer of large-format digital printers; Oreck Corporation, a leading manufacturer and distributor of vacuum cleaners and other small appliances; El Pollo Loco, a leading quick-service chicken restaurant chain based in Southern California, and Unifrax, a global leader in the manufacture of ceramic fiber insulation for high-temperature applications.
ASCP holdings also include Primary Energy, owner and operator of recycling energy projects for industrial, commercial and institutional customers throughout North America; Phillips Health, a leading direct-marketer of branded nutritional supplements, health-oriented newsletters and related health products, and Press Ganey Associates, the largest provider of patient satisfaction surveys and related services to acute-care hospitals and other healthcare facilities.
ASCP 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 $30 million and $150 million in companies with annual revenues of approximately $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 was founded as the merchant banking and private equity arm of American Securities, L.P. Predecessor entities to American Securities L.P. were 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.