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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......................

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