FFL Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, FFL Partners has acquired 1 company. It has also invested in 1 other.

FFL Partners’ most common sectors for investment arehealthcare services (25%) and financial services (17%) . The Firm’s most common investment types include growth capital (32%) and secondary buyout (32%). In total, FFL Partners has invested in 22 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Transtar Industries for $425M.

In the last 3 years, FFL Partners has exited 3 companies. The Firm’s most common exit type is secondary buyout (45%). FFL Partners’ largest (disclosed) exit occurred in 2014 when it sold Wilton Re Holdings for $1.8B.

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M&A Summary

  • M&A Total Activity77
    • M&A Buy Activity48
    • M&A Sell Activity29
  • Total Sectors Invested 20
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 32
  • M&A Advisors 9

FFL Partners

333 Bush Street Suite 1450,
San Francisco, California 94104
United States
(415) 402-2100
www.fflpartners.com
contact@fflpartners.com

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Consumer Products, Education, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Manufacturing, Marketing, Media, Restaurants, Software, Staffing

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 30 400
Target EBITDA - -
Investment Size - -
Enterprise Value 50 300
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.0/yr) # 43 3 2 - - - 48
vol $1.1B $1.1B
Sell (1.4/yr) # 22 4 2 1 - - 29
vol $5.8B $337M $6.2B
  77

Most Recent M&A

Company Date Value Type
Proservice Hawaii Business Development Corp. 2023-05-17 - Secondary Buyout
Honolulu, Hawaii · www.proservice.com
American Advisors Group 2022-12-07 - Add-on Acquisition
Irvine, California · www.aag.com
Accordion Partners LLC 2022-09-08 - Secondary Buyout
New York, New York · www.accordion.com
Abacus Group LLC 2022-06-29 - Secondary Buyout
New York, New York · www.abacusgroupllc.com
Perlman Clinic 2022-04-18 - Growth Capital
San Diego, California · www.perlmanclinic.com
Community Medical Services 2021-12-21 - Secondary Buyout
Scottsdale, Arizona · www.communitymedicalservices.org
Summit Behavioral Healthcare LLC 2021-09-09 - Secondary Buyout
Franklin, Tennessee · www.summitbhc.com
Cajun Operating Co. 2021-08-02 - Secondary Buyout
Atlanta, Georgia · www.churchs.com
New Look Vision Group, Inc. 2021-05-26 - Going Private
Saint-Laurent, Quebec · www.newlookvision.ca
Bacharach, Inc. 2021-05-24 337M USD Add-on Acquisition
Kensington, Pennsylvania · www.mybacharach.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Anova 2017-04-01 Intelligent Sensing Anywhere, S.A. 2019-06-17 3
New Providence, New Jersey · www.dataonline.com Coimbra, Portugal · www.isasensing.com
Laurel Solutions 2018-01-01 Servelec Technologies Ltd. 2019-03-14 1
San Francisco, California · www.laurelsolutions.com Sheffield, United Kingdom · www.servelectechnologies.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 6 (38%) - 12 (25%) -
Financial Services 1 (6%) - 8 (17%) 20M (2%)
Information Technology 4 (25%) - 6 (13%) -
Insurance - - 3 (6%) -
Consumer Products 1 (6%) - 2 (4%) 350M (32%)
Business Services 1 (6%) - 2 (4%) -
Education - - 2 (4%) -
Automotive - - 1 (2%) 425M (39%)
Building Materials - - 1 (2%) 290M (27%)
Beverages 1 (6%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services 1 (6%) - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Food - - 1 (2%) -
Restaurants - - 1 (2%) -
Retail 1 (6%) - 1 (2%) -
Software - - 1 (2%) -
Staffing - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 16 - 48 $1.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (88%) - 44 (92%) 1.1B (100%)
  California 3 (19%) - 8 (17%) -
  Georgia 2 (13%) - 5 (10%) -
  Texas 1 (6%) - 4 (8%) 20M (2%)
  Massachusetts 1 (6%) - 3 (6%) -
  Illinois 1 (6%) - 2 (4%) 290M (27%)
  Arizona 1 (6%) - 2 (4%) -
  New York 1 (6%) - 2 (4%) -
  Wisconsin - - 2 (4%) -
  Tennessee - - 2 (4%) -
  Minnesota - - 2 (4%) -
  Colorado 1 (6%) - 1 (2%) -
  New Jersey 1 (6%) - 1 (2%) -
  Michigan 1 (6%) - 1 (2%) -
  Kansas 1 (6%) - 1 (2%) -
  Ohio - - 1 (2%) 425M (39%)
  Kentucky - - 1 (2%) 350M (32%)
  Hawaii - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Virginia - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  Missouri - - 1 (2%) -
  Maryland - - 1 (2%) -
Canada 1 (6%) - 2 (4%) -
  Quebec 1 (6%) - 1 (2%) -
  British Columbia - - 1 (2%) -
United Kingdom 1 (6%) - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 14 (88%) - 44 (92%) 1.1B (100%)
Cross-border 2 (13%) - 4 (8%) -
Total 16 - 48 $1.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 4 (25%) - 15 (31%) 715M (66%)
Growth Capital 8 (50%) - 15 (31%) -
Buyout (LBO, MBO, MBI) 3 (19%) - 10 (21%) 20M (2%)
Stake Purchase - - 3 (6%) 350M (32%)
Recapitalization - - 2 (4%) -
Consolidation - - 1 (2%) -
Divestiture - - 1 (2%) -
Going Private 1 (6%) - 1 (2%) -
Total 16 - 48 $1.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (45%) 3.3B (54%)
Trade Sale 6 (21%) 848M (14%)
IPO 4 (14%) -
Trade Sale - Public Company 3 (10%) 2.0B (33%)
Recapitalization 2 (7%) -
Merger 1 (3%) -
Total 29 $6.2B

Top M&A Advisors

Financial Deals
Bowstring Advisors
 1
Credit Suisse Investment Banking
 1
North Point Advisors LLC
 1
Legal Deals
Willkie Farr & Gallagher
 4
Kirkland & Ellis
 1
Bingham McCutchen LLP
 1

Deal Values

buy # Total
$100M to $1B 3 $1.1B
< $100M 1 $20M
TOTAL $1.1B
Largest Transtar Industries, Inc.
$425M (2010-12-07)
sell # Total
> $1B 2 $3.5B
$100M to $1B 5 $2.7B
TOTAL $6.2B
Largest Wilton Re Holdings Ltd.
$1.8B (2014-03-21)

M&A Connections

Deals
Acquired from
Investor(s)
33%
16 (33%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
48%
14 (48%)
Strategic(s)
34%
10 (34%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

4.6B USD

Established

1997

Specialist/Generalist

Generalist

Leadership

Spencer Fleischer

Co-founder & Managing Partner

Cas Schneller

Managing Partner

Chris Harris

Managing Partner

Jonathon Bunt

Partner

Karen Winterhof

Partner

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