Talent at Every Level

In our investments and in our firm, we recognize nothing is more important than having the right people. FFL brings together a team of experienced and talented professionals with diverse backgrounds in operational and strategic management, investment banking, private equity investing, and consulting. Our 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.

Nicole Budzynski
Nicole Budzynski
Senior Associate
Jonathon Bunt
Jonathon Bunt
Vice President
Martin Carter
Martin Carter
Operating Partner
Ann Marie Cooke
Ann Marie Cooke
Office Manager
Alice Chau
Alice Chau
Senior Controller
Catherine Chen
Catherine Chen
Associate
Christine Chu
Christine Chu
Senior Accountant
David Crussell
David Crussell
Operating Partner
Rajat Duggal
Rajat Duggal
Managing Director
Robert Eckert
Robert Eckert
Operating Partner
Tyler Ernst
Tyler Ernst
Associate
Geoff Evans
Geoff Evans
Director
Nancy Graham Ford
Nancy Ford
Managing Director
Geoffrey Freeman
Geoffrey Freeman
Operating Director
Tully M. Friedman
Tully M. Friedman
Managing Partner
Spencer Fleischer
Spencer Fleischer
Managing Partner
Dionne Fountain
Dionne Fountain
Executive Assistant
Regina Growney
Regina Growney
Executive Assistant
Chris Harris
Chris Harris
Partner
Claire Huang
Claire Huang
Senior Fund Accountant
Hosay Jamili
Hosay Jamili
Executive Assistant
Mark Laudy
Mark Laudy
Operating Partner
Greg Lau
Greg Lau
Managing Director
Greg Long
Greg Long
Partner
Hoa Luu
Hoa Luu
Controller
Chris Masto
Chris Masto
Co-Founder & Partner
Aaron Money
Aaron Money
Partner
Vivek Nayar
Vivek Nayar
Associate
Patty Nykodym
Patty Nykodym
Chief Financial Officer
Ian Perlman
Ian Perlman
Vice President
Anuv Ratan
Anuv Ratan
Associate
Vanessa Rose
Vanessa Rose
Executive Assistant
Pauline Sarmiento
Pauline Sarmiento
Executive Assistant
Mark Sarvary
Mark Sarvary
Operating Partner
Jack Scott
Jack Scott
Operating Partner
Cas Schneller
Cas Schneller
Partner
Christine Tugadi
Christine Tugadi
Executive Assistant
Derek Weiss
Derek Weiss
Director
Karen Winterhof
Karen Winterhof
Vice President
James Zelnick
James Zelnick
Associate

These senior operating executives have invested in our fund as investors/advisers. They have been successful in a broad range of industries and disciplines, and their experience and perspective is a valuable resource for our portfolio companies.

Michael J. Boskin

Michael J. Boskin
Principal of Boskin & Company, Professor of Economics, Stanford University
Former Chairman of President's Council of Economic Advisors
Director of Oracle Corporation, Exxon Mobil Corporation, Vodafone Group PLC and Shinsei Bank

William R. Brody M.D.

William R. Brody M.D.
Former President, Salk Institute for Biological Studies
Former President, The Johns Hopkins University
Member of the Governing Committee of the Whitaker Foundation and the Trustees for the Baltimore Community Foundation
Director of IBM, AEGON USA, Medtronic Inc. and Mercantile Bankshares

Anthony Bruce

Anthony Bruce
CEO, Applied Predictive Technologies

Tom Chalberg

Tom Chalberg
Founder & Former CEO, Avalanche Biotechnologies

Peter Currie

Peter Currie
Former EVP & CFO, Netscape
Lead Director of Twitter and Schlumberger

Frank A. Doyle

Frank A. Doyle
President & CEO, Connell Limited Partnership
Director of Liberty Mutual Holding Company, Inc. and Citizens Financial Group
Trustee of the Joslin Diabetes Center and Boston College

Robert A. Eckert

Robert A. Eckert
Chairman Emeritus & Retired CEO, Mattel, Inc.
Former CEO, Kraft Foods
Director of McDonald's Corp., J.L. Kellogg Graduate School of Management Advisory Board at Northwestern University, Los Angeles World Affairs Council and the Business Council in Washington DC
Member of the Board of Visitors at The Anderson School at UCLA and the Trilateral Commission

Peter A. Georgescu

Peter A. Georgescu
Chairman Emeritus, Young & Rubicam, Inc.
Director of EMI Corporation, International Flavors & Fragrances, Inc., Levi Strauss & Co., Toys “R” Us, Inc.

Ronald J. Gidwitz

Ronald J. Gidwitz
Retired CEO, Helene Curtis
Director of Kapstone Paper and Packaging Corporation, Rush University Medical Center, the Museum of Science and Industry and the Lyric Opera of Chicago

Laurance Hoagland

Laurance Hoagland
Former VP and CIO, William and Flora Hewlett Foundation Former President and CEO, Stanford Management Company

Rick Lenny

Rick Lenny
Former CEO, The Hershey Company
Director of McDonald’s, Discover Financial, Illinois Tool Works, and ConAgra

Robert Matschullat

Robert Matschullat
Presiding Director of The Clorox Company
Director of The Walt Disney Company, McKesson Corporation
Retired Vice Chairman & CFO, The Seagram Company Ltd.

Tom Nelson

Tom Nelson
Chairman, President & CEO of National Gypsum Company
Partner & Co-Founder of Wakefield Group; Director of Belk Inc

Mike O'Neill

Mike O'Neill
Chairman, Citigroup

Hilda Ochoa-Brillembourg

Hilda Ochoa-Brillembourg
Founder & Chairman, Strategic Investment Group
Director of General Mills, McGraw Hill Financial, and Cementos Pacasmayo

Paul F. Oreffice

Paul F. Oreffice
Director Spirit Finance Corporation
Retired Chairman, The Dow Chemical Company
Member of International Advisory Board of Marsh & McLennan
Chairman, Fairfield Homes of Arizona
Former Director The Coca-Cola Company, CIGNA Corp., Morgan Stanley, Nortel

Carl E. Reichardt

Carl E. Reichardt
Retired Chairman, Wells Fargo & Company
Former Director of ConAgra, Ford Motor Company, HCA, HSBC, McKesson, and PG&E

Paul C. Reilly

Paul C. Reilly
CEO, Raymond James Financial
Former Chairman & CEO, Korn/Ferry International
Former CEO, KPMG

Anthony Salz

Anthony Salz
Executive Vice Chairman, Rothschild
Vice Chairman, British Broadcasting Corporation
Trustee of the Eden Project, Tate Foundation, Habitat for Humanity Great Britain, and The Paul Hamlyn Foundation

Mark Sarvary

Mark Sarvary
Former CEO & President, Tempur Sealy International
Former President, North America Campbell’s Soup Company

Richard L. Sharp

Richard L. Sharp
Retired CEO, Circuit City
Former Chairman & CEO, CarMax, Inc.

Alan Seelenfreund

Alan Seelenfreund
Retired C.E.O. and Chairman, McKesson Corporation
Trustee of The Nature Conservancy of California

G. Craig Sullivan

G. Craig Sullivan
Retired Chairman & CEO of The Clorox Company
Director of the Kimberly Clark Corporation, Goodyear Tire & Rubber Co., Mattel Inc. and The American Ireland Fund

Kent J. Thiry

Kent J. Thiry
Chairman & CEO, DaVita, Inc.
Former Chairman & CEO of Vivra Incorporated
Former Chairman of Oxford Health Plans, Inc.

David T. Traitel

David T. Traitel
Founder and Retired CEO, Nutro Products, Inc.

Sir Robert Wilson

Sir Robert Wilson
Former Chairman of BG Group plc; Former Chairman of The Economist Group
Former Executive Chairman & CEO of Rio Tinto
Former Director of GSK
Former Director of BP plc, Diageo plc, The Boots Company plc.

About FFL

About FFL

FFL was formed in 1997 to invest in middle-market companies where the substantial strategic and operating expertise of FFL's principals can help management improve margins, make acquisitions and grow earnings. Our capital comes largely from US and international institutions: public and private pension funds, endowments, foundations and financial institutions.

FFL has invested prudently for more than a decade, 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 its $2.0 billion fund raised in 2015. The firm generally commits $50-300 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 is to apply to middle-market businesses the experience and skills our principals have developed over many years of investing in, advising and managing large companies. Our experience has shown that initiatives based on this large-company expertise can have a meaningful positive impact.

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, PIPE’s, 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: we seek board influence (but do not need board control) at companies in which we invest. Our flexibility and creativity with respect to structuring investments have afforded us access to investment opportunities less competitive than conventional auctioned buyout transactions.

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 and on incremental investment at high returns on capital.

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.

By patiently employing this flexible investment strategy and focusing on those investments that offer attractive returns for the risk assumed, we have achieved strong returns on our investments, while avoiding many of the pitfalls that have plagued our peers.

Our Sectors

Business Services

Consumer

Financial 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
Five portfolio companies

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