American Securities

American Securities LLC
Private Ownership
Industry Private Equity or Prison technology company
Founded 1947
Founder

William Rosenwald founded American Securities Capital Partners (ASCP)

co-founded by Michael G. Fisch[1]
Headquarters 299 Park Avenue
New York City, New York, United States, USA
Key people
 Michael G. Fisch President, CEO, Managing Director
Joseph A. Domonkos CFO
John P. Fitzsimons, Managing Director of American Securities Opportunities Fund[2]
Products Private equity funds, Leveraged buyouts
Total assets $15 billion
Website www.american-securities.com

American Securities LLC—originally named American Securities Capital Partners (ASCP) 1947 - 2008—is a leading U.S. private equity firm—based in New York with an office in Shanghai—that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $200 million of EBITDA. American Securities and its affiliates have approximately $15 billion under management.[3] The original ASCP—officially renamed American Securities LLC in 2008—was founded in 1947 by William Rosenwald, the son of Julius Rosenwald—a major figure in the early twentieth-century American financial history acknowledged for his successful Sears IPO. In 1994 Michael Fisch founded the modern American Securities.[4] In 2011 American Securities acquired Global Tel—an integrated information technology company in the corrections market[5][5][6][7] for $1 billion.[8]

History

William Rosenwald—who had inherited the Rosenwald fortune from his father Julius Rosenwald—founded American Securities Capital Partners (ASCP) in 1947.[9] Julius Rosenwald made American financial history with his success at the helm Sears in the early twentieth century. When the original Sears, Roebuck and Co faced financial difficulties in the late nineteenth century—Julius Rosenwald—to whom Sears owed money—and his brother-in-law—Chicago businessman Aaron Nusbaum—acquired fifty percent of the company. Eventually Rosenwald became the sole owner[10]:47–53[11][12][13][14] and under his leadership as Vice President and Treasurer of newly incorporated Sears, Roebuck and Company, annual sales of the company climbed from $750,000 to upwards of $50 million from 1895 to 1907.[9][10]:47–53[14] Sears's successful 1906 initial public offering (IPO) marked the first major retail IPO in American financial history and represented a coming of age, financially, of the consumer sector.[15]:20–36 William Rosenwald was chairman of American Securities Corporation in 1991.[16] In 1993 Michael G. Fisch became the William Rosenwald family's Financial Advisor.[17] Fisch serves on the boards of certain American Securities affiliates or ASP, including Ascribe, Michael G. Fisch 2006 Revocable Trust and ASP Portfolio Companies.[17]


In 1994—with Fisch as Director and CEO—American Securities opened their first fund to outside investors.[18] By 2012 they had invested in "39 companies in a wide variety of industries, including industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products."[19]


By 2001 American Securities Capital Partners (ASCP) had become "the merchant banking and private equity arm of American Securities, L.P., which at that time had "more than $3 billion of assets under management."[9] On June 8, 2009 American Securities Capital Partners (ASCP)—which was the officially changed its name to American Securities LLC.[20]

Board of Directors

Michael G. Fisch is President, Chief Executive Officer, and Managing Director; Joseph A. Domonkos is Chief Financial Officer and John P. Fitzsimons is Managing Director of American Securities Opportunities Fund. Managing Directors include Michael Fisch, Bill Fry, Lee Dranikoff, Loren Easton, David Horing, Will Manuel, Kevin Penn, Paul Rossetti, Marc Saiontz and Scott Wolff.[2][21] Nina Rosenwald is co-chair of the board of American Securities Management.[22]

Affiliates

Current Investments

Investments as of 2013:[24]

Previous Investments

Previous investments as of 2013.[24]

[24]

Controversies

Private equity-backed companies—Global Tel*Link Corporation (GTL) with 50% in 2015[25] and Securus Technologies Inc. with 20%[25] —dominated the $1.2 billion prison inmate telecommunications services including the controversial Inmate Calling Service (ICS). With prisoners in 2012 paying up to $17 for a 15-minute call, the Federal Communications Commission scrutinized the industry.[5][6][7] In 2015 GTL sought judicial review of the FCC's regulation order aimed at lowering the cost of ICS.[26]

References

  1. ↑ Michael G. Fisch
  2. 1 2 "Company Overview of American Securities", Bloomberg
  3. 1 2 "Approach", Ascribe, 2016, retrieved October 1, 2016
  4. ↑ https://www.american-securities.com/team/michael-fisch
  5. 1 2 3 Shields, Tod (October 4, 2012), "Prison Phones Prove Captive Market for Private Equity", Bloomberg
  6. 1 2 3 Inmate Telephone Service, Washington, DC: Federal Communications Commission, August 10, 2016, retrieved September 29, 2016
  7. ↑ Williams, Timothy (March 30, 2015), "The High Cost of Calling the Imprisoned", New York Times, retrieved September 29, 2016
  8. 1 2 3 "American Securities Capital Partners Announces Final Closing Of Private Equity Fund At $650 Million", American Securities, July 18, 2001, retrieved September 29, 2016
  9. 1 2 Emmet, Boris, and John E Jeuck. Catalogs and Counters: A History of Sears, Roebuck and Company (1950), the standard scholarly history
  10. ↑ Israel, Fred L. 1897 Sears, Roebuck and Co Catalogue 100th Anniversary Edition, Philadelphia: Chelsea House Publishers, 1968
  11. ↑ Katz, Donald R. The Big Store: Inside the Crisis & Revolution at Sears (1987)
  12. ↑ Worthy, James C. Shaping An American Institution: Robert E. Wood and Sears, Roebuck (1986)
  13. 1 2 Arnstein & Lehr, The First 120 Years (2013).
  14. ↑ Gregory D. L. Morris, "Attention Shoppers: 1906 Sears IPO Heralds the Triumph of the Consumer Economy," Financial History (2007), Issue 88
  15. ↑ "Frank D. Williams; Financial Manager, 84", New York Times, November 21, 1991, retrieved 1 October 1, 2016 Check date values in: |access-date= (help) via Gale
  16. 1 2 "Michael G. Fisch", Bloomberg, 2016, retrieved October 1, 2016
  17. ↑ Our Firm American Investors
  18. ↑ "American Securities LLC Closes American Securities Partners VI, L.P. at More Than $3.6 Billion: Sixth Fund Exceeds Target of $3 Billion and Previous Fund by More Than 50%", American Securities LLC, June 26, 2012, retrieved October 1, 2016
  19. ↑ "Terms of Use", American Securities
  20. ↑ Team American Investors
  21. ↑ "Nina Rosenwald – Profile". Right Web. Institute for Policy Studies. 5 March 2013. Retrieved October 7, 2013.
  22. ↑ "424B3: Nuverra Environmental Solutions, Inc.", EDGAR Online-Prospectus and Proxies, August 28, 2016, retrieved October 1, 2016 via Gale.
  23. 1 2 3 American Securities – Overview and Firm Heritage Retrieved 26 September 2013.
  24. 1 2 Walsh, Ben (June 10, 2015), "Prisoners Pay Millions To Call Loved Ones Every Year. Now This Company Wants Even More", Huffington Post, retrieved September 29, 2016

External links

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