Friedman Fleischer & Lowe

Last updated
FFL Partners, LLC
Type Private, LLC
Industry Private Equity
Founded1997;25 years ago (1997)
FounderTully Friedman
Spencer Fleischer
David Lowe
Christopher Masto
Headquarters San Francisco, California, United States
Products Leveraged buyout, Growth capital
AUM N/A
Total assets $4.6 billion [1]
Number of employees
30+ (2015)
Website www.fflpartners.com

FFL Partners, LLC, previously known as Friedman Fleischer & Lowe, is an American private equity firm, founded in 1997 by Tully Friedman, [2] Spencer Fleischer, [3] David Lowe, and Christopher Masto. [4] The firm makes investments primarily through leveraged buyouts and growth capital investments and is focused on investing in the U.S. middle-market. [5] [6]

Contents

FFL has focused its efforts on several core target industries including healthcare services, financial services, business services, and consumer products. FFL is based in San Francisco and employs over 20 investment professionals. Since inception, FFL has raised approximately $4.6 billion of investor commitments.

History

Friedman Fleischer & Lowe previous logo Friedman Fleischer & Lowe logo.png
Friedman Fleischer & Lowe previous logo

FFL was founded in 1997 by Tully Friedman, together with Spencer Fleischer, David Lowe, and Christopher Masto. Prior to founding FFL, in 1984, Tully Friedman had co-founded Hellman & Friedman, one of the largest private equity firms globally, with Warren Hellman. In contrast to Hellman &Friedman, FFL focuses on smaller, middle market deals.

Spencer Fleischer, was a former member of Morgan Stanley's Investment Banking Operating Committee and the Head of Investment Banking in Asia, Head of Corporate Finance for Europe, Head of UK Corporate Finance, Head of Investment Banking in Los Angeles, and Head of Corporate Finance in San Francisco. [7] David Lowe was Chairman and CEO of medical equipment maker ADAC Laboratories. [8] Christopher Masto was a Bain & Company consultant and previously an investment banker at Morgan Stanley. [9] [10]

Investment holdings

FFL invests through a series of private equity funds (structured as limited partnerships), and its investors include a variety of pension funds, endowments, and other institutional investors.

The firm's first private equity fund, Friedman Fleischer & Lowe Capital Partners closed in September 1999 with $333 million of investor commitments. [11] Almost five years later, the firm completed raising $811 million of investor commitments for its second fund, Friedman Fleischer & Lowe Capital Partners II in June 2004. In 2007, the firm raised its third investment fund, Friedman Fleischer & Lowe Capital Partners III, with $1.5 billion of investor commitments. [12]

The following are among the firm's most notable current and previous portfolio companies:

Rankings

HEC-Dow Jones's Private Equity Performance Ranking lists the world's top private equity firms in terms of aggregate performance and listed FFL for three years:

People

FFL's team consists of experienced professionals with diverse backgrounds in operational and strategic management, investment banking, private equity investing, and consulting. The firm’s principals have invested over $2.5 billion in over 50 companies and have over 100 years of collective experience as investors, senior operating executives, and advisors.

Investment Principals

Operating Partners

See also

Related Research Articles

The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and private credit. It is one of the largest mega-funds in the world. In 2015, Carlyle was the world's largest private equity firm by capital raised over the previous five years, according to the PEI 300 index, though by 2020, it had slipped into second place.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American investment company. The private equity firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care.

Providence Equity Partners L.L.C. is a specialist private equity investment firm focused on media, communications, education, technology investments across North America and Europe. The firm specializes in growth-oriented private equity investments and has invested in more than 170 companies globally since its inception in 1989.

Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. As of 2022, the firm managed approximately $160 billion of investor capital. The firm was founded in 1984 by partners from the consulting firm Bain & Company. The company is headquartered at 200 Clarendon Street in Boston with 22 offices in North America, Europe, Asia, and Australia.

A private-equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity. Private equity funds are typically limited partnerships with a fixed term of 10 years. At inception, institutional investors make an unfunded commitment to the limited partnership, which is then drawn over the term of the fund. From the investors' point of view, funds can be traditional or asymmetric.

<span class="mw-page-title-main">Canaccord Genuity</span> Canadian financial company

Canaccord Genuity Group Inc. is a global, full-service investment banking and financial services company that specializes in wealth management and brokerage in capital markets. It is the largest independent investment dealer in Canada. The firm focuses on growth companies, with operations in 10 countries worldwide and the ability to list companies on 10 stock exchanges. Canaccord Genuity, the international capital markets division, is based in Canada, with offices in the US, the UK, France, Germany, Ireland, Hong Kong, China, Singapore, Dubai, Australia and Barbados.

<span class="mw-page-title-main">Hellman & Friedman</span> American private equity firm

Hellman & Friedman LLC (H&F) is an American private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts as well as growth capital investments. H&F has focused its efforts on several core target industries including media, financial services, professional services and information services. The firm tends to avoid asset intensive or other industrial businesses. H&F is based in San Francisco, with offices in New York and London.

<span class="mw-page-title-main">Private equity in the 2000s</span> Aspect of history

Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.

<span class="mw-page-title-main">Matrix Partners</span> US-based private equity investment firm

Matrix Partners is a US-based private equity investment firm focusing on venture capital investments. The firm invests in seed and early-stage companies in the United States and India, particularly in the software, communications, semiconductors, data storage, Internet or wireless sectors.

Patricia Mary Cloherty was an American businesswoman, company director, and private equity financier. She was the chairman and CEO of Delta Private Equity Partners. Cloherty served as manager of The U.S. Russia Investment Fund and Delta Russia Fund, two venture capital funds which operated in Russia. In 2004, Cloherty was named Businessperson of the Year by the American Chamber of Commerce in Russia. In 2007, Crain's New York Business named her one of the Most Powerful Women in New York. In 2008, Cloherty received the Order of Friendship from Russian President Vladimir Putin.

<span class="mw-page-title-main">Warren Hellman</span> American businessman and philanthropist

F. Warren Hellman was an American investment banker and private equity investor, the co-founder of Hellman & Friedman, a multibillion-dollar private equity firm. Hellman also co-founded Hellman, Ferri Investment Associates, today known as Matrix Partners. He started and funded the Hardly Strictly Bluegrass festival. Hellman died on December 18, 2011, of complications from his treatment for leukemia.

Tully Friedman is an American businessman. A founding partner of Hellman & Friedman, as of 2013 he was chief executive of Friedman, Fleischer and Lowe, a San Francisco-based private equity firm.

Linsalata Capital Partners is a private equity firm focused on leveraged buyout investments in middle-market companies across a broad range of industries. The firm has focused its investments in the healthcare services, building products and packaging industries.

NBGI Private Equity was the National Bank of Greece's European private equity and venture capital investment firm, founded in 2000. The firm typically invests in a deal size between £5 million and £50 million with an equity investment between £2 million and £15 million. As of 2016, it funds were sold in a secondary transaction to an independent investment manager Stage Capital with funding from limited partners including Deutsche Bank Private Equity and Goldman Sachs Asset Management.

MSD Capital is an American private investment firm that manages the capital of Michael Dell and his family. The firm, which is based in New York and has offices in Santa Monica and West Palm Beach, was formed in 1998.

Selcuk Yorgancioglu is a Turkish businessman in the finance industry. 'Yorgancioglu' is the founding partner of Tork Partners, an advisory and investment platform he founded in 2019 to invest with, advise and help manage private and institutional investors into Turkey and regional emerging markets. He currently serves as an independent board member and vice chairman of the risk & audit committee in BUPA Acıbadem Insurance company, a full subsidiary of BUPA UK. He also acts as a strategic advisor to the executive management of GittiGidiyor, a full subsidiary of eBay.

<span class="mw-page-title-main">Sentinel Capital Partners</span> American private-equity firm

Sentinel Capital Partners, L.L.C. is an American private-equity firm focusing on mid-market companies. The company is headquartered in New York City and was founded in 1994 by David Lobel and John McCormack after working together at Salomon Smith Barney.

Katherine 'Kate' Taaffe Richard is an American business woman and the founder of Warwick Investment Group, a private equity firm focused on real assets with approximately $2.1 billion in managed assets. Warwick Investment Group is a SEC-registered investment advisor, managing funds that invest globally in natural resources and real estate. Warwick has an established track record in strategic consolidation in these sectors, having completed more than 4,000 transactions since inception. The firm has 75 team members and advisors in the US, Europe and Asia investing across private equity funds, special purpose vehicles and open-ended structures.

Robert A. "Bob" Eckert is an American businessman, chairman and CEO of Mattel from 2000 to 2011, CEO of Kraft Foods from 1997 to 2000, and an operating partner with the private equity firm Friedman Fleischer & Lowe.

References

  1. Capital raised since inception in 1997
  2. Bloomberg Businessweek Executive Profile: Tully Michael Friedman
  3. Bloomberg Businessweek Executive Profile: Spencer C. Fleischer
  4. Bloomberg Businessweek Executive Profile: Christopher A. Masto
  5. FFL Completes Acquisition of Midwest Dental. Mergers & Acquisitions, April 18, 2011
  6. Consistent performers shine through in annual private equity rankings. Financial News, November 5, 2012
  7. Bloomberg Businessweek Executive Profile: Spencer C. Fleischer
  8. Bloomberg Businessweek Executive Profile: David Lowe
  9. Bloomberg Businessweek Executive Profile: Christopher A. Masto
  10. Patience Pays Off For Friedman Fleischer & Lowe's Masto. Dow Jones Private Equity Analyst, November 23, 2011
  11. S.F. buyout firm closing in on $150M cap for dedicated fund. October 4, 1999
  12. Riding Sallie Mae Wave, Friedman Fleischer Plans New Fund. Wall Street Journal, July 20, 2007
  13. https://www.capitalsourcebank.com Archived 2011-02-01 at the Wayback Machine
  14. "Overhead Doors Built by C.H.I. Overhead Doors".
  15. Friedman Fleischer & Lowe Completes Deal for Midwest Dental. Dow Jones LBO Wire, April 18, 2011
  16. "Church's Chicken Sold". Archived from the original on April 15, 2011. Retrieved February 23, 2013.
  17. "Home". discoveryfoods.com.
  18. Friedman Fleischer & Lowe and Hellman & Friedman Complete Acquisition of CATRisk Operation of St. Paul Travelers. Nov 2, 2005
  19. "Oak Hill's AccentCare Buys Guardian Home Care From FFL". Archived from the original on 2016-01-26. Retrieved February 23, 2013.
  20. "Guardian Home Health & Hospice".
  21. "Korn Ferry | Organizational Consulting".
  22. Friedman Fleischer & Lowe Completes Deal for Midwest Dental. Dow Jones LBO Wire, April 18, 2011
  23. Friedman Fleischer Lowe Acquires Midwest Dental. Mergers & Acquisitions Report, April 7, 2011
  24. "Professional AV Equipment and Devices | Legrand AV".
  25. "Tempur-Pedic Official Website | Shop Tempur-Pedic Mattresses, Beds & More".
  26. "Public Sector Software: Cloud-Based Platform | CentralSquare".
  27. "WellStreet Urgent Care - Get Better Faster".
  28. "Home".
  29. "PE Hub | Access our latest deal news and insights now".
  30. "The best private equity firm is... - the Term Sheet: Fortune's deals blog Term Sheet". Archived from the original on 2012-07-11. Retrieved 2013-02-10.
  31. "Archived copy" (PDF). Archived from the original (PDF) on 2013-03-02. Retrieved 2013-02-10.{{cite web}}: CS1 maint: archived copy as title (link)
  32. Bloomberg Businessweek Executive Profile: Tully Michael Friedman
  33. Bloomberg Businessweek Executive Profile: Spencer C. Fleischer
  34. Bloomberg Businessweek Executive Profile: Christopher A. Masto
  35. "Former Mattel Chief Robert Eckert Joins Friedman Fleischer & Lowe". 25 September 2014.
  36. Q&A With Ex-Goodyear CEO Bob Keegan. Wall Street Journal Deal Journal, October 28, 2011
  37. Bloomberg Businessweek Executive Profile: Jeffrey Phillip Lane
  38. Friedman Fleischer Adds Operating Partner. Dow Jones LBO Wire, June 23, 2011
  39. Former Hershey Chief Joins Friedman Fleischer & Lowe. New York Times DealBook, May 16, 2012
  40. Bloomberg Businessweek Executive Profile: John Roach
  41. Bloomberg Businessweek Executive Profile: Jack Scott