American Securities
Market-leading private equity firm
New York, NY

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Overall Rank: 27
Category: Mid/Large Cap Growth
Category Rank: 15

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Profile

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. From its origins as a family office in 1947 to its founding as a private equity firm in 1994 to its position today with $27 billion assets under management, American Securities has been at the forefront of values-based investing for decades. With an investment philosophy rooted in partnership, the firm works with existing CEOs and management teams to help every portfolio company achieve its full potential.


www.american-securities.com


Awards

2023 Top Private Equity Firms

2019 Top 25 Business Services Investors, Helen Chiang

Key People

Michael Fisch, Founder & CEO

Michael Fisch is a founder of American Securities and has been CEO since inception in 1994. He is also a member of the Investment Committee and a Managing Member of the general partners of the American Securities Partners’ series of private equity funds and a member of the Investment Committee of AS Birch Grove, an affiliate of American Securities. Before founding American Securities, he was a partner in two private equity funds, a consultant in the Paris office of Bain & Company, and a professional in the mergers and acquisitions department of Goldman Sachs.

David Horing, Managing Director

David Horing joined American Securities in 1995. David is a member of the Investment Committee and a Managing Member of the active American Securities Partners funds. David is currently a Director of CPM, FullBloom, MW Industries, OnTrac, r-pac, and United FP. In addition, he has previously served on numerous corporate boards throughout his career. Prior to joining American Securities, David spent seven years at The Dyson-Kissner-Moran Corporation, a middle-market private equity investment firm. He previously worked in Salomon Brothers’ investment banking division and at The Boston Consulting Group.

Kevin Penn, Managing Director

Kevin Penn joined American Securities in 2009. He is a member of the Investment Committee of the active American Securities Partners funds and a member of the Investment Committee of AS Birch Grove, an affiliate of American Securities. Kevin is currently Chairman of the Board of Blue Bird, Conair, Foundation Building Materials, Learning Care Group, SOLV Energy, and Trace3, as well as a Director of Amentum, and CS Energy. Prior to joining American Securities, he founded and led ACI Capital Co., LLC since 1995. Previously, Kevin was EVP and Chief Investment Officer for a family investment office, First Spring Corporation, where he managed private equity, direct investment, and public investment portfolios. Earlier in his career, he was a Principal with the private equity firm Adler & Shaykin and was a founding member of the Leveraged Buyout Group at Morgan Stanley & Co.

Scott Wolff, Managing Director

Scott Wolff joined American Securities in 2002. Scott is a member of the Investment Committee of the active American Securities Partners funds. He is currently Chairman of the Board of Hexion, Meridian, and Vibrantz Technologies. Prior to joining American Securities, Scott worked in the Mergers & Acquisitions Group at Merrill Lynch, focusing on a variety of industries, including consumer products, food, packaging, and automotive.

Bill Fry, Managing Director

Bill Fry joined American Securities in 2010 and leads the firm’s Resources Group, which assists portfolio companies with value creation by providing them world-class talent in strategy, operations, human capital, IT, data science, financial performance, commercial excellence, and ESG. Bill is currently Vice Chairman of the Board of Air Methods, as well as a Director of SimonMed. Bill was previously the CEO of Oreck Corporation and has also been at the helm of several entities owned by various private equity firms and public companies. In addition, Bill spent eight years in the United States Navy, last serving as a Lieutenant in the Nuclear Propulsion Program.

David Maue, Managing Director & Chief Operating Officer

David Maue joined American Securities in 2007. He oversees all internal operations of the firm. David is focused on helping manage organizational growth and professional development of all colleagues. Prior to joining American Securities, he spent 15 years at McKinsey & Company and was a partner in the Media, Entertainment & Information Services Practice. David’s earlier experience there spans consulting to CEOs across a wide range of industries, as well as holding several operational and talent management roles within McKinsey & Company’s global organization.

Amy Harsch, Managing Director, Investor Relationships

Amy Harsch joined American Securities in 2010. She oversees American Securities’ and its affiliates’ investor relationships, marketing, and public relations activities, as well as fundraising efforts. Prior to joining American Securities, Amy was a Principal and head of investor relations at Rhône, a middle-market pan-European and trans-Atlantic private equity firm. Prior to Rhône, she spent five years in Credit Suisse’s Private Fund Group where she supported American Securities, as well as other private equity firms, in fundraising activities. 

Joe Domonkos, Managing Director & Chief Financial Officer

Joe Domonkos joined American Securities in 2011. He has overall responsibility for the accounting, tax and reporting team as well as all financial systems and processes at the firm. Prior to joining American Securities, Joe served as CFO of IREO/India Equity Partners and as CFO of Fenway Partners. Earlier in his career, he held senior finance and accounting leadership positions at Sotheby’s Holdings and Nabisco International. Joe began his career at Deloitte & Touche.

Eric Schondorf, Managing Director & General Counsel

Eric Schondorf joined American Securities in 2005. Prior to joining American Securities, Eric spent five years at Weil, Gotshal & Manges as Of Counsel in the Business Finance & Restructuring Department representing companies, investors, senior lenders and bondholders in complex restructurings. He was also Vice President and General Counsel of Metallurg, an international producer and seller of high-quality specialty metals, alloys and metallic chemicals.

Key Investments

Milk Specialties Group: Exited in February 2023
Sector: Consumer 

During the partnership with American Securities, Milk Specialties Global was a leading human and animal nutrition company. The Human Nutrition Business Unit was a leading manufacturer of whey and milk protein ingredients used primarily in the sports nutrition and functional foods end-markets. The Animal Nutrition was recognized for innovative and science-based products that offer proven benefits to the growing dairy industry.

Meridian Adhesives Group: Invested in September 2022
Sector: Industrial

Meridian is a leading manufacturer of high-value adhesive technologies. With a broad portfolio of specialty formulated products and a solutions-based approach, Meridian serves customers across the electronics, infrastructure, flooring, packaging, and product assembly markets.

RealManage: Invested in June 2022
Sector: Services

RealManage, which includes GrandManors and CiraConnect, is one of the leading tech-enabled homeowner association and condominium management companies in the United States. RealManage offers innovative management services to community associations of all types and sizes, including homeowner associations, condominium associations, cooperatives, municipal utility districts, and large master-planned communities.

Hexion: Invested in March 2022
Sector: Industrial

Hexion is a leading, global producer of adhesives and performance materials that enable the production of engineered wood products and other specialty materials used in high performance coatings for industrial applications. Key end markets include residential and non-residential construction, repair/remodel, furniture, energy, agriculture and automotive. Hexion serves more than 1,200 companies across approximately 60 countries through a manufacturing network of 27 production facilities.

SOLV Energy: Invested in December 2021
Sector: Industrial

SOLV Energy (formerly known as Swinerton Renewable Energy) is a leading renewable energy services business focused on the engineering, procurement, and construction of utility-scale solar and storage projects across the United States. As of 2022, the company has successfully constructed over eleven gigawatts of solar capacity in 29 states and provides operations and maintenance services to over seven gigawatts of solar assets in North America. SOLV Energy, which was established in 2008, was formerly two business units of Swinerton Incorporated, a large and diversified construction company.

r-pac: Invested in December 2021
Sector: Industrial

Based in New York City, r-pac is a leading global provider of branded packaging, trim, and supply chain services and solutions from concept to execution to customers across the retail supply chain. r-pac serves a broad range of end markets, including apparel, footwear, accessories, electronics, home bed and bath, home décor, beauty, patio, and garden, among other product categories. r-pac’s advanced proprietary software with business intelligence and analytics engines offers connected merchandise, supply chain and compliance and brand protection solutions, often complemented with its core product offering.

Oregon Tool: Exited in October 2021
Sector: Industrial

During the partnership with American Securities, Oregon Tool was a global manufacturer and marketer of replacement parts, equipment, and accessories for the forestry, lawn, and garden; farm, ranch, and agriculture; and concrete cutting and finishing markets. Oregon Tool sold its products in more than 110 countries around the world.

Henry Company: Exited in September 2021
Sector: Industrial 

During the partnership with American Securities, Henry Company was a leading North American manufacturer and supplier of roofing and building envelope products and systems that were critical for managing the flow of water, vapor, and air through the entire building envelope. Henry’s extensive geographic footprint of 12 strategically located manufacturing facilities effectively served the repair, remodel, and new housing market in addition to the broader commercial market throughout the U.S. and Canada.

Emerald Performance Materials: Exited in August 2021
Sector: Industrial 

During the partnership with American Securities, Emerald was a leading producer and marketer of specialty chemicals for niche consumer and industrial end-markets, which included flavors & fragrances, food & beverage, personal and household care, composites, structural adhesives, coatings, and flooring.

Unifrax Holdings, Inc: Exited in December 2018
Sector: Industrial 

During the partnership with American Securities, Unifrax was the premier global provider of high-temperature insulation products providing innovative heat management solutions and energy savings for a broad range of industries. Unifrax served more than 4,000 customers through a global footprint of 31 plants across 12 countries. Unifrax’s portfolio of fiber products, technologies, proprietary chemistries and processes had been developed from more than 70 years of deep application knowledge and innovation. Its products addressed mission critical energy efficiency, emission control, regulatory and fire safety requirements across the globe.

Capital Responsibility

ESG principles and responsible citizenship have been an implicit part of American Securities’ culture since the firm’s inception. The firm integrates relevant ESG factors into its investment process, from initial deal screening and diligence throughout its stewardship period. The Investment team and investment process have been structured to bring together the strength of American Securities’ in-house resources, portfolio company partners and external advisors to optimize ESG-related performance. 

American Securities has a dedicated Resources Group made up of 61 individuals who provide industry expertise to portfolio companies on a range of functions that are critical to businesses, including ESG. This includes ESG strategy development, human capital advice, cybersecurity risk assessment, procurement and operations efficiencies (energy, waste, water) and customer sustainability assessments.

In April 2023, American Securities became a member of the ESG Data Convergence Initiative (EDCI), which facilitates private equity transparency and benchmarking. Based on EDCI metrics, the firm established KPIs and created an internal process for data collection and analysis. Through this process, American Securities draws comparative insights to further help its companies improve over time.

Separately, for more than two decades, American Securities has donated at least 10% of management company profits each year to the American Securities Foundation, which, in turn, donates these funds to worthy causes and charitable endeavors. The firm continues to support the ILPA Diversity in Action initiative, of which it was an early signatory in 2021. American Securities is also a partner firm for Girls Who Invest (GWI), a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry. For more detail on American Securities’ other partnerships, please refer to its website.

Each year, the firm details its and its portfolio companies’ efforts in an annual Citizenship Report.