FFL Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, FFL Partners has acquired 4 companies. It has also invested in 4 others.

FFL Partners’ most common sectors for investment arehealthcare services (24%) and financial services (16%) . The Firm’s most common investment types include growth capital (34%) and secondary buyout (30%). 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 7 companies. The Firm’s most common exit type is secondary buyout (42%). 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 Activity82
    • M&A Buy Activity51
    • M&A Sell Activity31
  • Total Sectors Invested 21
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 32
  • M&A Advisors 9

FFL Partners

FFL Partners, LLC

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: Business Services, Consumer Products, Consumer Services, Education, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Marketing, Media, Retail, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, 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 50 200
Enterprise Value 50 300
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.8/yr) # 42 1 5 2 1 - 51
vol $1.1B $1.1B
Sell (2.2/yr) # 20 4 4 2 1 - 31
vol $3.7B $2.2B $337M $6.2B
  82

Most Recent M&A

Company Date Value Type
Johnson County Clin-Trials 2023-08-28 - Growth Capital
Lenexa, Kansas · www.jcct.com
Proservice Hawaii Business Development Corp. 2023-05-17 - Secondary Sale
Honolulu, Hawaii · www.proservice.com
American Advisors Group 2022-12-07 - Trade Sale
Irvine, California · www.aag.com
Accordion Partners LLC 2022-09-08 - Secondary Sale
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
Optomi Professional Services 2021-12-16 - Growth Capital
Atlanta, Georgia · www.optomiservices.com
One Senior Care 2021-12-01 - Buyout (LBO, MBO, MBI)
Erie, Pennsylvania · www.oneseniorcare.com
Summit Behavioral Healthcare LLC 2021-09-09 - Secondary Sale
Franklin, Tennessee · www.summitbhc.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.anova.com Coimbra, Portugal · www.isasensing.com
Laurel Solutions 2018-01-01 Ovarro Pty Ltd. 2019-03-14 1
San Francisco, California · www.laurelsolutions.com Sheffield, United Kingdom · www.ovarro.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 5 (31%) - 12 (24%) -
Financial Services - - 8 (16%) 20M (2%)
Information Technology 5 (31%) - 7 (14%) -
Insurance - - 3 (6%) -
Business Services 1 (6%) - 2 (4%) -
Consumer Services 2 (13%) - 2 (4%) -
Education - - 2 (4%) -
Retail 2 (13%) - 2 (4%) -
Automotive - - 1 (2%) 425M (39%)
Consumer Products - - 1 (2%) 350M (32%)
Building Materials - - 1 (2%) 290M (27%)
Beverages - - 1 (2%) -
Chemicals - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Food - - 1 (2%) -
Life Science 1 (6%) - 1 (2%) -
Restaurants - - 1 (2%) -
Software - - 1 (2%) -
Staffing - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 16 - 51 $1.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (94%) - 47 (92%) 1.1B (100%)
  California 3 (19%) - 8 (16%) -
  Georgia 3 (19%) - 6 (12%) -
  Texas 1 (6%) - 4 (8%) 20M (2%)
  Massachusetts 1 (6%) - 3 (6%) -
  New York 1 (6%) - 2 (4%) -
  Kansas 1 (6%) - 2 (4%) -
  Arizona 1 (6%) - 2 (4%) -
  Pennsylvania 1 (6%) - 2 (4%) -
  Illinois - - 2 (4%) 290M (27%)
  Minnesota - - 2 (4%) -
  Wisconsin - - 2 (4%) -
  Tennessee - - 2 (4%) -
  New Jersey 1 (6%) - 1 (2%) -
  Michigan 1 (6%) - 1 (2%) -
  Colorado 1 (6%) - 1 (2%) -
  Ohio - - 1 (2%) 425M (39%)
  Kentucky - - 1 (2%) 350M (32%)
  Missouri - - 1 (2%) -
  Maryland - - 1 (2%) -
  Hawaii - - 1 (2%) -
  Connecticut - - 1 (2%) -
  Virginia - - 1 (2%) -
Canada 1 (6%) - 2 (4%) -
  Quebec 1 (6%) - 1 (2%) -
  British Columbia - - 1 (2%) -
United Kingdom - - 1 (2%) -
Bermuda - - 1 (2%) -
Domestic 15 (94%) - 47 (92%) 1.1B (100%)
Cross-border 1 (6%) - 4 (8%) -
Total 16 - 51 $1.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 8 (50%) - 17 (33%) -
Secondary Buyout 3 (19%) - 15 (29%) 715M (66%)
Buyout (LBO, MBO, MBI) 4 (25%) - 11 (22%) 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 - 51 $1.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (42%) 3.3B (54%)
Trade Sale 6 (19%) 848M (14%)
IPO 5 (16%) -
Trade Sale - Public Company 3 (10%) 2.0B (33%)
Recapitalization 2 (6%) -
Bankruptcy 1 (3%) -
Merger 1 (3%) -
Total 31 $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
 2
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)
31%
16 (31%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
45%
14 (45%)
Strategic(s)
32%
10 (32%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

5.4B USD

Established

1997

Specialist/Generalist

Specialist

Leadership

Spencer Fleischer

Co-founder & Managing Partner

Cas Schneller

Managing Partner

Chris Harris

Managing Partner

Jonathon Bunt

Partner

Karen Winterhof

Partner

FAQ

When was FFL Partners founded?

FFL Partners was founded in 1997.

What type of investor is FFL Partners?

FFL Partners is a private equity firm.

Where is FFL Partners headquartered?

FFL Partners is headquartered in San Francisco, California.

How much capital does FFL Partners have under management?

FFL Partners has 5.4B USD under management.

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