FFL Partners Mergers and Acquisitions Summary

Private Equity Profile

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

FFL Partners’ most common sectors for investment are financial services (21%) and healthcare services (21%). The Firm’s most common investment types include secondary buyout (33%) and growth capital (28%). In total, FFL Partners has invested in 21 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 5 companies. The Firm’s most common exit type is secondary buyout (37%). 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 Activity62
    • M&A Buy Activity43
    • M&A Sell Activity19
  • Total Sectors Invested 20
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 25
  • M&A Advisors 5

FFL Partners

One Maritime Plaza Suite 2200,
San Francisco, California 94111
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.0/yr) # 33 1 5 3 1 - 43
vol $1.1B $1.1B
Sell (1.2/yr) # 13 - 1 2 3 - 19
vol $1.8B $1.3B $3.1B
  62

Most Recent M&A

Company Date Value Type
EyeCare Partners LLC 2019-12-16 - Secondary Buyout
Saint Louis, Missouri · www.eyecare-partners.com
Icynene-Lapolla 2019-12-05 350M USD Add-on Acquisition
Houston, Texas · www.icynene-lapolla.com
Orthodontic Partners 2019-11-11 - Growth Capital
Grand Rapids, Michigan · www.orthodonticpartners.com
Crisis Prevention Institute, Inc. 2019-10-15 910M USD Secondary Buyout
Milwaukee, Wisconsin · www.crisisprevention.com
Strategic Investment Management LLC 2018-12-20 - Secondary Buyout
Arlington, Virginia · www.strategicgroup.com
Accordion Partners LLC 2018-10-10 - Growth Capital
New York, New York · www.accordion.com
Benevis LLC 2018-03-01 - Recapitalization
Marietta, Georgia · www.benevis.com
Autism Learning Partners 2018-01-04 - Secondary Buyout
Glendale, California · www.autismlearningpartners.com
Laurel Solutions 2018-01-01 - Buyout (LBO, MBO, MBI)
San Francisco, California · www.laurelsolutions.com
Pro Service Hawaii 2017-11-08 - Growth Capital
Honolulu, Hawaii · www.proservice.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Summit Behavioral Healthcare LLC 2017-10-11 Peak View Behavioral Health 2020-01-22 1
Franklin, Tennessee · www.summitbhc.com Colorado Springs, Colorado · www.peakviewbh.com
Cajun Operating Co. 2009-06-17 Church's Chicken - 45 U.S. Restaurants 2019-06-25 1
Atlanta, Georgia · www.churchs.com Atlanta, Georgia
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
Anova 2017-04-01 Independent Technologies LLC 2018-08-06 2
New Providence, New Jersey · www.dataonline.com Blair, Nebraska · www.independenttech.com
Bacharach, Inc. 2017-09-21 Neutronics, Inc. 2018-07-09 1
Kensington, Pennsylvania · www.mybacharach.com Exton, Pennsylvania · www.neutronicsinc.com
Anova 2017-04-01 Wikon GmbH 2018-04-03 1
New Providence, New Jersey · www.dataonline.com Kaiserslautern, Germany · www.wikon.de
Transtar Industries, Inc. 2010-12-07 ETX, Inc. 2014-03-03 1
Cleveland, Ohio · www.transtar1.com Alma, Michigan · www.etxinc.net

M&A by Sector

Sector Current # Value All-time # Value
Financial Services 4 (20%) - 9 (21%) 20M (2%)
Healthcare Services 5 (25%) - 9 (21%) -
Information Technology 2 (10%) - 3 (7%) -
Insurance - - 3 (7%) -
Business Services 1 (5%) - 2 (5%) -
Education - - 2 (5%) -
Staffing 2 (10%) - 2 (5%) -
Automotive 1 (5%) 425M (100%) 1 (2%) 425M (39%)
Consumer Products - - 1 (2%) 350M (32%)
Furniture - - 1 (2%) 290M (27%)
Beverages 1 (5%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Services 1 (5%) - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Food - - 1 (2%) -
Restaurants 1 (5%) - 1 (2%) -
Retail 1 (5%) - 1 (2%) -
Software - - 1 (2%) -
Test/Measurement Equipment 1 (5%) - 1 (2%) -
Total 20 $425M 43 $1.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (90%) 425M (100%) 40 (93%) 1.1B (100%)
  California 3 (15%) - 7 (16%) -
  Georgia 2 (10%) - 4 (9%) -
  Texas 1 (5%) - 4 (9%) 20M (2%)
  Massachusetts 1 (5%) - 3 (7%) -
  Hawaii 2 (10%) - 2 (5%) -
  Illinois 1 (5%) - 2 (5%) 290M (27%)
  Wisconsin 1 (5%) - 2 (5%) -
  Tennessee 1 (5%) - 2 (5%) -
  Minnesota - - 2 (5%) -
  Ohio 1 (5%) 425M (100%) 1 (2%) 425M (39%)
  Pennsylvania 1 (5%) - 1 (2%) -
  New York 1 (5%) - 1 (2%) -
  New Jersey 1 (5%) - 1 (2%) -
  Michigan 1 (5%) - 1 (2%) -
  Kansas 1 (5%) - 1 (2%) -
  Kentucky - - 1 (2%) 350M (32%)
  Virginia - - 1 (2%) -
  Missouri - - 1 (2%) -
  Maryland - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Arizona - - 1 (2%) -
United Kingdom 1 (5%) - 1 (2%) -
Canada 1 (5%) - 1 (2%) -
  British Columbia 1 (5%) - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 18 (90%) 425M (100%) 40 (93%) 1.1B (100%)
Cross-border 2 (10%) - 3 (7%) -
Total 20 $425M 43 $1.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (40%) 425M (100%) 14 (33%) 715M (66%)
Growth Capital 8 (40%) - 12 (28%) -
Buyout (LBO, MBO, MBI) 3 (15%) - 10 (23%) 20M (2%)
Stake Purchase 1 (5%) - 3 (7%) 350M (32%)
Recapitalization - - 2 (5%) -
Consolidation - - 1 (2%) -
Divestiture - - 1 (2%) -
Total 20 $425M 43 $1.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (37%) 910M (30%)
IPO 4 (21%) -
Trade Sale 3 (16%) -
Trade Sale - Public Company 2 (11%) 2.2B (70%)
Recapitalization 2 (11%) -
Merger 1 (5%) -
Total 19 $3.1B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
1
Bowstring Advisors
1
North Point Advisors LLC
1
Legal Deals
Willkie Farr & Gallagher LLP
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 1 $1.8B
$100M to $1B 2 $1.3B
TOTAL $3.1B
Largest Wilton Re Holdings Ltd.
$1.8B (2014-03-21)

M&A Connections

Deals %
Acquired from
PE Firm(s)
95%
20 95%
Strategic(s)
5%
1 5%
Exited to
PE Firm(s)
63%
10 63%
Strategic(s)
38%
6 38%

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