About FFL

FFL was formed in 1997 to invest in middle-market companies where the firm’s substantial strategic and operating expertise can help management accelerate growth and build better businesses. Our capital comes largely from U.S. and international institutions: public and private pension funds, endowments, foundations, and financial institutions.

FFL has invested prudently for over 20 years, partnering with strong management teams and other investors to establish a leading track record in middle-market private equity investing. We have produced attractive returns for our investors through up and down markets and across a range of industries by patiently focusing our efforts on good businesses with attractive returns on capital and strong growth prospects.

FFL is currently investing out of a $2.0 billion fund raised in 2015. The firm generally commits $50-250 million to individual transactions and has the ability to make larger commitments in selected circumstances.

Our Investment Approach

We seek investments that offer superior equity returns relative to the risk we take for our investors. To achieve this, we aim to invest in market-leading companies that generate high returns on invested capital and that have strong, defensible competitive positions, good growth prospects and outstanding management.

Our approach focuses on hyperspecialized investment themes and high portfolio engagement. We invest exclusively in sub-sectors that we have identified as attractive through a process we call Sector Exploration and Expertise Development (“SEED”). We seek to obtain differentiated insights and access on potential investments within SEED areas, which we can then apply to create meaningful value in our businesses. Our commitment to developing deep knowledge and relationships within SEEDs has afforded us access to investment opportunities less competitive than conventional auctioned buyout transactions.

We are flexible investors, comfortable in both control and minority situations. We have produced strong investment results from traditional leveraged buyouts, startup capital to support strong management teams, PIPEs, convertible debt securities, deleveraging investments, and occasional common stock investments in public companies. We seek attractive investments rather than particular deal structures. Although we are flexible with regard to transaction type, we are not passive investors and are highly engaged with all of our investments. We seek board influence (but do not need board control) at companies in which we invest and aim to be true partners to our management teams and other shareholders.

While we capitalize our portfolio companies efficiently and take advantage of cheaper sources of debt financing, we do not drive our investment returns by maximizing leverage. Instead, we focus on business improvement and growth to drive returns, drawing on the extensive strategic, financial, and operating experience of our team.

We spend significant time supporting, advising and consulting with our management partners on strategy and board-level issues, but we give them ample room to execute on their strategies. Accordingly, during diligence we ensure that we are choosing strong management partners whose compensation and equity incentive structures align with our investors’ interests.

We are also committed to a responsible approach to environmental, social, and governance ("ESG") issues in the course of our investment activities and throughout our business operations. Please click here to read our ESG policy, which covers due diligence and portfolio company oversight across a broad range of relevant topics.

Our Sectors

Business Services

Healthcare

Industrials

History

1997

FFL Established

1999

Friedman Fleischer
& Lowe Capital Partners -
$333 million

Invested from
1999 to 2004
Eight portfolio companies

2004

Friedman Fleischer
& Lowe Capital Partners II -
$811 million

Invested from
2004 to 2009
Ten portfolio companies

2008

Friedman Fleischer
& Lowe Capital Partners III -
$1.5 billion

Invested from
2008 to 2014
Fourteen portfolio companies

2015

FFL Capital
Partners IV -
$2.0 billion

Currently investing
from this fund
Sixteen portfolio companies

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