American Securities Capital Partners, L.P. (ASCP), a private-equity investment firm, has signed a binding agreement to acquire Unifrax Holding Co. and its operating company subsidiary, Unifrax Corp., from Kirtland Capital Partners (KCP) and Unifrax management. Terms of the transaction were not disclosed. ASCP makes equity investments in profitable companies, both privately and publicly held, partnering with existing management teams to increase value in the enterprises. Investments are funded from more than $1 billion of committed capital that ASCP manages for its investor partners. The current Unifrax management team will continue to operate the business and will remain investors in the company. William P. Kelly, president and chief operating officer of Unifrax, said that he and his colleagues were "looking forward to working with ASCP and the opportunity to continue to grow the business and successfully implement our long-term strategy."
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