Wikipedia:Articles for deletion/American Industrial Partners


 * The following discussion is an archived debate of the proposed deletion of the article below. Please do not modify it. Subsequent comments should be made on the appropriate discussion page (such as the article's talk page or in a deletion review).  No further edits should be made to this page.

The result was delete.  Sandstein  20:22, 22 October 2018 (UTC)

American Industrial Partners

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Does not meet WP:ORGCRITE. While there are several mere-mentions, routine coverage, and press releases about the company, I was not able to find any in-depth coverage in reliable sources. signed,Rosguill talk 01:36, 14 October 2018 (UTC)
 * Note: This discussion has been included in the list of Companies-related deletion discussions.  Kpg  jhp  jm  03:06, 14 October 2018 (UTC)
 * Note: This discussion has been included in the list of United States of America-related deletion discussions.  Kpg  jhp  jm  03:06, 14 October 2018 (UTC)


 * Delete article fails WP:CORPDEPTH due to a lack of in-depth coverage; much of the information in the article comes from trivial mentions, and a search turns up more of the same. The nom sums it up well by calling this "routine coverage", which also leads me towards feeling the article fails the wider WP:NCORP criteria.--SamHolt6 (talk) 06:11, 14 October 2018 (UTC)

Keep per the significant coverage in multiple independent reliable sources.  The article notes: "The former chief executives of Crown Zellerbach, Alumax, NL Industries and Thomson Consumer Electronics who all lost their jobs or resigned following takeovers - are now planning a series of acquisitions themselves. The four, together with two former big-league investment bankers, have formed a San Francisco partnership that will buy and run U.S. manufacturing companies. American Industrial Partners, which so far has been operating on its members' personal funds, in the next few weeks will begin raising $100 million to $250 million in equity from outside investors. ...  The partners aim to buy mid-size manufacturing and industrial service and distribution companies at prices ranging from $50 million to $300 million. They're looking for private companies and divisions of public companies that have high market shares and special product, production and/or distribution niches, but that may be undercapitalized or have under-used assets." The article lists the six founding partners as:Richard Bingham, 51, head of mergers and acquisitions for Lehman BrothersWilliam Creson, 58, former chairman, president and chief executive of Crown Zellerbach Co.Robert Marcus, 63, former president and chief executive of Alumax Inc.Theodore Rogers, 52, former chairman, president and chief executive of NL Industries<li>Richard Miller, 47, outgoing president and chief executive of Thomson Consumer Electronics</li><li>David Goodman, 51, former Morgan Stanley managing director</li></ol> </li> <li>Johnson, Ian. (1993-06-13). "Sweetheart's new suitor AIP brings its back-to-basics approach to deal" (pages 1 and 2). The Baltimore Sun. Archived from the original (pages 1 and 2) on 2018-10-14. Retrieved 2018-10-14. The article notes: "But back-to-basics dealmaking has helped American Industrial quietly assemble an impressive portfolio of manufacturers. The firm, which includes former CEOs of Goodyear Tire and Rubber Co., Mead Corp. and Stanley Works, has spent about half of its $217 million buyout fund to acquire five companies with more than 4,000 employees and $500 million in revenues. Now, the partnership is poised to more than double its industrial assets by buying Sweetheart Holdings Inc., the corporate descendant of Maryland Cup Corp. Sweetheart, which generates an estimated $900 million in revenues, has 8,000 employees, including 2,500 at a factory in Owings Mills. ... American Industrial, a privately held limited partnership with offices in San Francisco and New York, does not release financial data. But interviews with company officials and industry observers confirm the view of a conservatively run group that seeks to revive companies by cutting debt and improving operations at companies such as Easco Aluminum Corp. ... American Industrial's money comes from 11 investors, including five former CEOs. The partnership was formed in 1988 and built a $217 million capital fund that runs until 1998, with two one-year extension options. Besides Mr. Rogers, partners include Richard Bingham, a former managing director and head of the merger and acquisition division at Lehman Brothers, a New York investment firm; Thomas Barrett, who headed Goodyear; Burnell Roberts, the former chief of Mead, a paper company; and Donald W. Davis, former head of Stanley, a tool maker."</li> <li> The article notes: "American Industrial Partners Capital Fund IV LP set a big task for itself in buying the Decatur operations of Fleetwood Enterprises Inc. ... New York-based AIP has been in business since 1989. A BusinessWeek profile describes it as a private-equity company that specializes in turning around 'leading middle-market' industrial and manufacturing companies. In 2004, it bought Stolle Machinery, which makes equipment used in the manufacturing of aluminum cans. Alcoa sold Stolle at a time when its stock price was stagnating and it needed to raise cash, Randall said. Some private-equity groups buy companies, dismantle them and sell the pieces for a quick profit. But AIP instead bought Stolle's major competitor, Sequa Can Machinery Inc., consolidated the companies and grew the enterprise."</li> <li> The article discusses American Industrial Partners' acquisition of Sweetheart Holdings Inc. The article notes: "The former Maryland Cup, which still employs 2,500 in Owings Mills and is one of the dominant cup makers in the country, was sold in May by Morgan Stanley Group Inc. to American Industrial Partners. AIP, a limited partnership headed by several former top executives, promised to cut the Chicago-based company's debt and infuse it with capital. ... Sweetheart, which generates an estimated $900 million in revenues and has 8,000 employees, more than doubles AIP's size. AIP, which is privately held and run by former CEOs of Goodyear Tire and Rubber Co., Mead Corp. and Stanley Works, now owns six industrial companies with 12,000 employees and $1.4 billion in revenues. The company makes about 80 percent of its revenues producing disposable food cups, trays, plates and other items for fast-food restaurants and delicatessens." Sweetheart Holdings was spun off from Sweetheart Cup Company.</li> <li> The article notes: "Sweetheart Holdings Inc. will be sold for about $441 million to an investment group that will also recapitalize the debt-laden company. The group, which includes several former corporate chief executives, agreed in May to purchase the Chicago-based maker of paper cups and plates and ice cream cones from the Morgan Stanley Group. ... ... American Industrial Partners, a private investment group that buys industrial and manufacturing companies, is raising $107 million of equity, and will own 66.3 percent of Sweetheart. ... The partners in American Industrial are Tom Barrett, former chairman, president and chief executive of the Goodyear Tire and Rubber Company; Richard Bingham, former managing director and head of corporate finance and mergers and acquisitions at Lehman Brothers; Donald Davis, former chairman, president and chief executive of Stanley Works; Burnell Roberts, former chairman, president and chief executive of the Mead Corporation, and Theodore Rogers, former chairman, president, chief executive and chief operating officer of NL Industries."</li> <li> The article notes: "Private-equity firm American Industrial Partners achieved a similar miracle. It converted New York-based Great Lakes Carbon, the world's largest producer of calcined petroleum coke used to process aluminum, into a Canadian income trust, raising $133 million and receiving securities convertible into units worth $150 million, or 2.3 times what American Industrial bought Great Lakes Carbon for five years earlier in 1998."</li> <li> The article notes: "American Industrial Partners executives say it differs from other financial investors 'through the deep operating expertise of its partners and executive officer association.' This leadership team is made up of former top officers of Fortune 200 companies including Robert L. Purdum, a former CEO of Armco Steel Corp.; Tom H. Barrett, a former CEO of Goodyear Tire & Rubber Co.; Burnell R. Roberts, a former CEO of Mead Corp.; Theodore C. Rogers, a former CEO of NL Industries; W. Richard Bingham, a former head of mergers and acquisitions manager at Lehman Brothers, plus retired executives from Oshkosh Truck, Raychem, Tenneco Automotive, Union Pacific and U.S. Steel. ... With offices in San Francisco and New York, AIP invests in manufacturing and industrial service companies in North America. Typical equity investments range from $10 million to $50 million. AIP holdings include Bucyrus International Inc., Central Industrial Supply Inc., Consoltex Group Inc., Great Lakes Carbon Corp., MBA Polymers Inc., Sanluis Developments, L.L.C., Stanadyne Corp., Sweetheart Holdings Inc., Wabtec Corp. and Williams Controls."</li> <li> The article notes: "Theodore C. Rogers, who heads American Industrial Partners, a $200-million investment fund with backing from the Bank of America and Wells Fargo pension funds, among others, is looking to invest in manufacturing and industrial distribution companies. The fund brings operating expertise as well as cash to investments; Rogers is a former chairman of NL Industries and a longtime manufacturing executive. ... Rogers expects shortly to invest almost $12 million in two box-making companies in Northern California--names undisclosed because the deal is not signed yet. The $12 million, which will represent 42% of the two firms' combined equity capital, will go for high-speed packaging and production lines and an ink plant to serve both companies. With the new machinery, American Partners hopes to increase profits from $1.3 million to $3 million within 18 months, and to earn their returns as the businesses grow from there."</li> <li> The article notes: "Since 1990, Rubatex's parent company, RBX Holdings Inc., has been owned by New York-based AEA Investors, whose partners include Roger Smith, the former chief executive officer of General Motors Corp. AEA has taken a mostly hands-off approach to the firm and relied on hired managers for its knowledge of the rubber industry. The same probably won't be said about American Industrial Partners, which last week agreed to buy the company in a deal expected to be done in about two months. Formed in 1989 and based in San Francisco and New York, AIP counts among its many partners Thomas Barrett, a former chairman and chief executive officer of Goodyear Tire and Rubber Co. And AIP already is in the rubber business - it recently completed an $80 million buyout of Day International Inc., an Ohio-based rubber manufacturer."</li> <li> The article notes: "But the New York-based private-equity firm American Industrial Partners is betting it can transform so-called water-jet technology into a bigger and faster-growing business. The firm spent $350 million over the past 16 months to buy two of the world’s largest water-jet firms, Flow International Corp. and KMT Waterjet, both U.S. based. It aims to promote one of the technology’s main advantages—it doesn’t create heat—amid growing use of composite materials, including plastics, that can melt when cut with lasers or torches. ... ... says David Savage, chief executive of Waterjet Holdings, which was set up by American Industrial as a holding company for the two firms it bought. ... Flow, the world’s biggest maker of water-jet equipment, had suffered in recent years from sluggish sales growth and was pressured by activist shareholders to improve returns. Five months after its board put the Kent, Wash.-based company on the block in April 2013, American Industrial emerged as the winning bidder, paying about $200 million, or $4.05 a share. Flow traded at more than $14 a share in mid-2006. Both Flow and KMT, which was acquired by American Industrial in 2013 for $148 million, suffered from a common ailment of companies run by engineers, says Mr. Marvin"</li> <li> The article notes: "Private equity firm American Industrial Partners will be moving from its current offices at 535 Fifth Avenue for its own tower floor at 330 Madison Avenue. The firm, which invests in North American industrial businesses, will be taking 9,848 square feet of space on the 28th floor of 330 Madison Avenue. The lease is for 10 years. Asking rent for the space was roughly $90 a square foot. ... Founded in 1989, AIP had been in a 4,829-square-foot space on the 32nd floor at 535 Madison Avenue as early as 1993, according to CoStar data. The company was rapidly growing, and was attracted to the 535 Madison Avenue’s proximity to Bryant Park and to nearly all major transportation lines, said a person close to the deal."</li> <li> The article notes: "American Industrial Partners is a private equity firm that invests in manufacturing and industrial service companies. American Industrial has owned Stanadyne since December 1997."</li> </ol>There is sufficient coverage in reliable sources to allow American Industrial Partners to pass Notability, which requires "significant coverage in reliable sources that are independent of the subject". Cunard (talk) 09:52, 14 October 2018 (UTC) </li></ul>
 * Delete Once again, Cunard fails to understand "intellectually independent" reference. WP:ORGIND states Independent content, in order to count towards establishing notability, must include original and independent opinion, analysis, investigation, and fact checking that are clearly attributable to a source unaffiliated to the subject. I am unable to find anything in those articles that are clearly attributable to a source unaffiliated to the subject while still meeting SIGCOV/CORPDEPTH. I am also unable to locate any sources that meet the criteria for establishing notability. That said, there are a number of categories of companies that are not "sexy" and don't get written up and would probably be "notable" in their own spheres of expertise. Unfortunately, unless "exceptions" are discussed and agreed, these companies fall under NCORP. This topic fails GNG and WP:NCORP. <b style="font-family: Courier; color: darkgreen;"> HighKing</b>++ 16:32, 20 October 2018 (UTC)
 * Comment: American Industrial Partners was profiled in the major newspapers San Francisco Chronicle and The Baltimore Sun and has received significant coverage in other newspapers. I do not consider those sources to be non-independent of the subject. For example, The Baltimore Sun article provides analysis of the subject ("But back-to-basics dealmaking has helped American Industrial quietly assemble an impressive portfolio of manufacturers"). And The Roanoake Times article provides analysis of the subject, noting, "AEA has taken a mostly hands-off approach to [Rubatex] and relied on hired managers for its knowledge of the rubber industry. The same probably won't be said about American Industrial Partners, which last week agreed to buy the company in a deal expected to be done in about two months." Cunard (talk) 01:02, 21 October 2018 (UTC)
 * Response Being "profiled" and receiving "significant coverage" must also be accomplished in such a way that the that content includes original and independent opinion, analysis, investigation, and fact checking that are clearly attributable to a source unaffiliated to the subject as per WP:ORGIND. Please note especially the phrase *clearly attributable* to a source unaffiliated to the subject. Given that both of those references rely extensively on interviews with the founders or with officers connected with their company, any statements plucked at random that aren't in quotes does 1) not mean that those statements are the opinion of the author 2) those statements weren't originally provided by the company officers and 3) those statements are significant for the purposes of establishing notability. From reading each article, it is clear that the statements you've provided are not clearly attributable to anyone but the context is important and since those statements are often following or are followed by statements attributable to a connected source, it is entirely reasonable that so too are your selected quotes. Certainly there is nothing to indicate anything to the contrary and most article are clear when information is arriving from a different source and most journalists are clear when they are voicing their own opinions. Also, your selected quotation from the Roanoake Times is in relation to AEA - an entirely different company. Everything written about AIP is attributed to Steve Schaefer of RBX - one of AIP's acquisitions. <b style="font-family: Courier; color: darkgreen;"> HighKing</b>++ 16:41, 22 October 2018 (UTC)
 * Delete: the sources provided fail to meet WP:CORPDEPTH and WP:ORGIND, being largely routine news or rewarmed press releases. I don't see much independent analysis, such as "But back-to-basics dealmaking has helped American Industrial quietly assemble an impressive portfolio of manufacturers". K.e.coffman (talk) 07:34, 21 October 2018 (UTC)


 * The above discussion is preserved as an archive of the debate. <b style="color:red">Please do not modify it.</b> Subsequent comments should be made on the appropriate discussion page (such as the article's talk page or in a deletion review). No further edits should be made to this page.