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]
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
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]
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:
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:
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.
Jeff Lane:[37][38] Boise Inc. (Senior Vice President & General Manager); McKinsey & Company (Managing Director)
Rick Lenny:[39] The Hershey Company (Chairman, President & CEO); Nabisco Biscuit Company (President); Pillsbury North America (President)
John Roach:[40] Builders FirstSource (Chairman, CEO and Founder); Fibreboard Corporation (Chairman, President & CEO); Johns Manville (CFO); Unidare US (Executive Chairman & CEO)
Jack Scott:[41] Heidrick and Struggles (Managing Partner); Korn/Ferry (Partner)