Private Equity Deals with Capital Allocators Milk Specialties Global – Michael Fisch (American Securities), (S3.EP.03)
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Oct 4, 2023 Michael Fisch, founder and CEO of American Securities, a private equity firm, discusses their investment in Milk Specialties Global, the potential growth opportunities in the whey protein market, and the company's transition from a commodity supplier to a consumer product company. They also highlight the importance of diligence in their investment approach and achieving stability through shared vision and communication with management teams.
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Focused Buy-and-Operate Model
- American Securities targets market-leading U.S. middle-market companies with ~ $100–150M EBITDA and long-tenured teams.
- They pair a senior investment team with a 58-person resources group to create operational value.
Whey Protein As A Cross‑Sector Play
- Milk Specialties supplies whey protein ingredients into many recognizable consumer brands and had a leading market position at acquisition.
- The business sat at the intersection of industrial supply and consumer nutrition tailwinds.
Validate Tailwinds With Dedicated Diligence
- Look for industry tailwinds and proprietary supply advantages when evaluating an investment.
- Use dedicated resources and regional offices to validate growth opportunities and de-risk assumptions.