Friedman Fleischer & Lowe

FFL Partners, originally known as Friedman Fleischer & Lowe, was founded in 1997 by Tully Friedman, Spencer Fleischer, David Lowe, and Christopher Masto. Tully Friedman brought significant industry experience to the firm, having previously co-founded Hellman & Friedman in 1984. While Hellman & Friedman operates as one of the world's largest private equity firms, FFL was established with a specific mandate to target smaller, middle-market deals.

The firm operates by raising capital through private equity funds structured as limited partnerships, drawing investments from pension funds, endowments, and institutional investors. Since its inception, FFL has raised approximately $4.6 billion in investor commitments across several fund cycles. The firm is known for its high performance, having been ranked as a top private equity firm by the HEC-Dow Jones Private Equity Performance Ranking multiple times, including a #1 ranking in 2012.

FFL focuses its investment efforts on four core target industries: healthcare services, financial services, business services, and consumer products. The firm's team is composed of investment professionals and operating partners with backgrounds in strategic management, investment banking, and consulting, aimed at providing operational expertise to their portfolio companies. Based in San Francisco, the firm typically utilizes leveraged buyout and growth capital strategies to drive value in its U.S.-based investments.