Friedman Fleischer & Lowe

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Friedman Fleischer & Lowe
Type Private, LLC
Industry Private Equity
Founded 1997
Founder(s) Tully Friedman
Spencer Fleischer
David Lowe
Christopher Masto
Headquarters San Francisco, California, United States
Products Leveraged buyout, Growth capital
Total assets $2.6 billion[1]
Employees 30+ (2013)
Website www.fflpartners.com

Friedman Fleischer & Lowe (FFL) 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 30 investment professionals. Since inception, FFL has raised approximately $2.6 billion of investor commitments.

HEC-Dow Jones's Private Equity Performance Ranking lists the world's top private equity firms in terms of aggregate performance and has listed FFL in the past three years, including the top overall ranking globally in 2012:

  • Ranked #1 in 2012[7]
  • Ranked #2 in 2011[8]
  • Ranked #11 in 2010[9]

History[edit]

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 Bankng 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.[10] David Lowe was Chairman and CEO of medical equipment maker ADAC Laboratories.[11] Christopher Masto was a Bain & Company consultant and previously an investment banker at Morgan Stanley.[12][13]

Investments[edit]

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.[14] 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.[15]

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

People[edit]

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

  • Tully M. Friedman:[32] Hellman & Friedman (Co-Founder); Salomon Brothers (Managing Director)
  • Spencer Fleischer:[33] Morgan Stanley (Member of Investment Banking Operating Committee & Managing Director)
  • Chris Masto:[34] Bain & Company; Morgan Stanley
  • Rajat Duggal: Bain Capital; Kirkland & Ellis; Deloitte & Touche
  • Nancy Graham Ford: Thomas H. Lee Partners; Goldman Sachs
  • Aaron S. Money: DB Capital; Chase Securities
  • Cas Schneller: GTCR; William Blair
  • John Tudor: Bain Capital; Monitor Company

Operating Partners

  • Bob Keegan:[35]  Goodyear Tire (Chairman & CEO); Kodak (President, Consumer Imaging); Avery Dennison (Global Strategy Officer)
  • Jeff Lane:[36][37] Boise Inc. (Senior Vice President & General Manager); McKinsey & Company (Managing Director)
  • Rick Lenny:[38] The Hershey Company (Chairman, President & CEO); Nabisco Biscuit Company (President); Pillsbury North America (President)
  • John Roach:[39] Builders FirstSource (Chairman, CEO and Founder); Fibreboard Corporation (Chairman, President & CEO); Johns Manville (CFO); Unidare US (Executive Chairman & CEO)
  • Jack Scott:[40] Heidrick and Struggles (Managing Partner); Korn/Ferry (Partner)

References[edit]

  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. ^ [1]
  8. ^ [2]
  9. ^ [3]
  10. ^ Bloomberg Businessweek Executive Profile: Spencer C. Fleischer
  11. ^ Bloomberg Businessweek Executive Profile: David Lowe
  12. ^ Bloomberg Businessweek Executive Profile: Christopher A. Masto
  13. ^ Patience Pays Off For Friedman Fleischer & Lowe's Masto. Dow Jones Private Equity Analyst, November 23, 2011
  14. ^ S.F. buyout firm closing in on $150M cap for dedicated fund. October 4, 1999
  15. ^ Riding Sallie Mae Wave, Friedman Fleischer Plans New Fund. Wall Street Journal, July 20, 2007
  16. ^ [4]
  17. ^ [5]
  18. ^ Friedman Fleischer & Lowe Completes Deal for Midwest Dental. Dow Jones LBO Wire, April 18, 2011
  19. ^ "Church's Chicken Sold". Retrieved February 23, 2013. [dead link]
  20. ^ [6]
  21. ^ Friedman Fleischer & Lowe and Hellman & Friedman Complete Acquisition of CATRisk Operation of St. Paul Travelers. Nov 2, 2005
  22. ^ "Oak Hill's AccentCare Buys Guardian Home Care From FFL". Retrieved February 23, 2013. 
  23. ^ [7]
  24. ^ [8]
  25. ^ Friedman Fleischer & Lowe Completes Deal for Midwest Dental. Dow Jones LBO Wire, April 18, 2011
  26. ^ Friedman Fleischer Lowe Acquires Midwest Dental. Mergers & Acquisitions Report, April 7, 2011
  27. ^ [9]
  28. ^ [10]
  29. ^ [11]
  30. ^ [12]
  31. ^ [13]
  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. ^ Q&A With Ex-Goodyear CEO Bob Keegan. Wall Street Journal Deal Journal, October 28, 2011
  36. ^ Bloomberg Businessweek Executive Profile: Jeffrey Phillip Lane
  37. ^ Friedman Fleischer Adds Operating Partner. Dow Jones LBO Wire, June 23, 2011
  38. ^ Former Hershey Chief Joins Friedman Fleischer & Lowe. New York Times DealBook, May 16, 2012
  39. ^ Bloomberg Businessweek Executive Profile: John Roach
  40. ^ Bloomberg Businessweek Executive Profile: Jack Scott

External links[edit]