July 1, 2021
American Securities’ Credit Business and Birch Grove Capital Merge to Drive Expansion and Evolution of Debt Platform
American Securities LLC, a leading U.S. private equity firm, announced today that its opportunistic credit business, Ascribe Capital, has merged with Birch Grove Capital (“BGC”), a credit asset management business.
The combined entity, which will be named AS Birch Grove, manages approximately $5 billion in assets across an opportunistic hedge fund, private credit vehicles, and par credit and collateralized loan obligation vehicles. AS Birch Grove, along with its funds, will be well positioned to become a more diversified credit asset management business.
In the near term, AS Birch Grove has over $1 billion in capital to invest in opportunistic credit situations across leveraged loans, high yield and convertible bonds, equity-linked securities, stressed and distressed investments, and corporate structured credit.
The combined entity reflects American Securities’ 27-year private equity track record and deep industry expertise along with BGC’s investment track record since its founding in 2013.
Michael G. Fisch, Founder and CEO of American Securities, commented, “Birch Grove Capital is a proven credit investor, and an excellent partner for the Ascribe funds and our firm more broadly. Robust credit investment capabilities alongside our flagship buyout funds make us a stronger, more knowledgeable, and more agile investor across the board.”
Jonathan Berger, CEO and CIO of BGC, added, “We are thrilled to partner with American Securities to enhance and grow our combined platform. Together, we will have an improved ability to leverage company, industry, along with market insights and debt capital markets execution across our investment mandates.”
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 $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.
About Birch Grove Capital
Based in New York, Birch Grove is a $2.4 billion alternative credit manager focused on corporate credit opportunities primarily within the United States within both the liquid and private credit markets. The founders of Birch Grove have built and managed similar alternative asset management platforms over the last 25 years. For more information, visit www.birchgrovecap.com.