Private equity firm American Securities said Thursday that its opportunistic credit business, Ascribe Capital, has merged with credit asset manager Birch Grove Capital to form AS Birch Grove.
Terms of the deal weren't disclosed.
The combined firm will manage about $5 billion in assets in an opportunistic hedge fund, private credit vehicles, and par credit and collateralized loan obligation vehicles. "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 insights and debt capital markets execution across our investment mandates."
Representatives from American Securities and Birch Grove Capital could not be immediately reached for additional information.