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Laxman Pai, Opalesque Asia: U.S. private equity firm American Securities' credit business Ascribe Capital has merged with Birch Grove Capital (BGC), an alternative credit manager.
The combined firm - AS Birch Grove - will manage about $5 billion in assets in 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, said a joint press release.
The terms of the deal weren't disclosed.
"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," said the release.
"Birch Grove Capital is a proven credit investor, and an excellent partner for the Ascribe funds and our firm more broadly," Michael G. Fisch, founder and CEO of American Securities, in a news release. "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 chief investment officer 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 insight...................... To view our full article Click here
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