
Zac Carson
Partner
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- Full Name
- Zac Carson
- Title
- Partner, Investment Team
- Firm
- American Industrial Partners (AIP)
- Firm Type
- Private equity — control buyouts of industrial businesses (not an angel/seed investor; see note below)
- Investment Stage
- Control-stage platform acquisitions and add-on/bolt-on acquisitions; corporate carve-outs and divestitures
- Check Size
- Large control equity investments; AIP manages ~$17.8B in AUM (as of 3/31/2026) — not fixed-size venture checks
- Target Company Profile
- Established mid-to-large industrial companies, frequently non-core divisions being carved out of larger corporations
- Sector Focus
- Industrials — aerospace & defense, automotive, building products, capital equipment, chemicals, distribution, industrial services & technology, medical equipment, metals & mining, paper/packaging/forest products, transportation & logistics
- Geographic Focus
- North America (United States and Canada), with globally distributed portfolio operations
- Location
- New York, NY (450 Lexington Avenue, 40th Floor, New York, NY 10017)
Background
Zac Carson is a Partner on the investment team at American Industrial Partners, a New York–based private equity firm focused exclusively on the industrial economy. He joined AIP in 2015 and is responsible for transaction sourcing, underwriting, and execution — the full deal lifecycle from origination through closing.
Before AIP, Carson worked at Credit Suisse, where he served in the Financial Sponsors and Financial Institutions groups, advising clients on mergers, acquisitions, and capital-raising. That investment-banking background — advising sponsors and financial institutions on M&A — maps directly to AIP's carve-out-heavy deal style, where sourcing complex divestitures from large corporates is central to the strategy.
He earned a B.B.A. in Finance and International Business, graduating *summa cum laude*, from the University of Georgia.
American Industrial Partners itself is a "transformational" industrial investor with roughly $17.8 billion in AUM and a portfolio generating ~$32 billion in aggregate revenue across 74,000+ employees (as of March 31, 2026). The firm has completed 145+ platform and add-on acquisitions since inception, combining sector expertise with operational and engineering rigor.
Investment Thesis & Focus
- Invests in industrial businesses across North America — manufacturing, industrial services, capital equipment, chemicals, materials, aerospace/defense, and adjacent sectors.
- Pursues control buyouts, with a signature emphasis on corporate carve-outs and divestitures — acquiring non-core divisions from large public and private parent companies (e.g., PPG, International Paper, AGCO, Veolia, Aker BioMarine).
- Operates as a "transformational investor," pairing deep sector knowledge with operational and engineering discipline to drive value creation post-acquisition, rather than passive minority positions.
- Executes at large scale — platform acquisitions of established businesses, plus add-ons to build out portfolio platforms. This is late-stage, control private equity, not early-stage venture or seed investing.
Notable Investments
- Boart Longyear — global drilling-services and products company; AIP acquisition closed April 2024, described as a new chapter in the company's 134-year history (Carson quoted on the deal).
- PPG Architectural Coatings (U.S. & Canada) — carve-out of PPG's North American architectural paints business; acquired late 2024.
- International Paper — Global Cellulose Fibers Business — large corporate carve-out; acquisition announced/closed January 2026.
- AGCO Grain Protein Business — carve-out of AGCO's grain-protein/storage operations; completed November 2024.
- Austin Powder — commercial explosives manufacturer; acquired July 2024.
- Aker BioMarine Feed Ingredients Business — krill-based feed ingredients; acquired July 2024.
- Veolia North America Sulfuric Acid Regeneration Business — industrial chemicals services carve-out; acquired July 2024.
- Aluminium Dunkerque — European aluminium smelter; acquired March 2026.
- Avanos Medical — medical device business; acquired April 2026.
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