Friedman Fleischer & Lowe

FFL Partners, previously known as Friedman Fleischer & Lowe, is an American private equity firm, founded in 1997 by Tully Friedman,Bloomberg Businessweek Executive Profile: Tully Michael Friedman Spencer Fleischer,Bloomberg Businessweek Executive Profile: Spencer C. Fleischer David Lowe, and Christopher Masto.Bloomberg Businessweek Executive Profile: Christopher A. Masto The firm makes investments primarily through leveraged buyouts and growth capital investments and is focused on investing in the U.S. middle-market.FFL Completes Acquisition of Midwest Dental. Mergers & Acquisitions, April 18, 2011Consistent performers shine through in annual private equity rankings. Financial News, November 5, 2012

FFL has focused its efforts on several core target industries including healthcare services, financial services, business services, and consumer products. FFL is based in San Francisco and employs over 20 investment professionals. Since inception, FFL has raised approximately $4.6 billion of investor commitments.

History

FFL was founded in 1997 by Tully Friedman, together with Spencer Fleischer, David Lowe, and Christopher Masto. Prior to founding FFL, in 1984, Tully Friedman had co-founded Hellman & Friedman, one of the largest private equity firms globally, with Warren Hellman. In contrast to Hellman & Friedman, FFL focuses on smaller, middle market deals.

Spencer Fleischer, was a former member of Morgan Stanley's Investment Banking Operating Committee and the Head of Investment Banking in Asia, Head of Corporate Finance for Europe, Head of UK Corporate Finance, Head of Investment Banking in Los Angeles, and Head of Corporate Finance in San Francisco.Bloomberg Businessweek Executive Profile: Spencer C. Fleischer David Lowe was chairman and CEO of medical equipment maker ADAC Laboratories.Bloomberg Businessweek Executive Profile: David Lowe Christopher Masto was a Bain & Company consultant and previously an investment banker at Morgan Stanley.Bloomberg Businessweek Executive Profile: Christopher A. MastoPatience Pays Off For Friedman Fleischer & Lowe's Masto. Dow Jones Private Equity Analyst, November 23, 2011

Investment holdings FFL invests through a series of private equity funds (structured as limited partnerships), and its investors include a variety of pension funds, endowments, and other institutional investors.

The firm's first private equity fund, Friedman Fleischer & Lowe Capital Partners closed in September 1999 with $333 million of investor commitments.S.F. buyout firm closing in on $150M cap for dedicated fund. October 4, 1999 Almost five years later, the firm completed raising $811 million of investor commitments for its second fund, Friedman Fleischer & Lowe Capital Partners II in June 2004. In 2007, the firm raised its third investment fund, Friedman Fleischer & Lowe Capital Partners III, with $1.5 billion of investor commitments.Riding Sallie Mae Wave, Friedman Fleischer Plans New Fund. Wall Street Journal, July 20, 2007

The following are among the firm's most notable current and previous portfolio companies:

CapitalSourcehttps://www.capitalsourcebank.com CHI Overhead DoorsFriedman Fleischer & Lowe Completes Deal for Midwest Dental. Dow Jones LBO Wire, April 18, 2011 Church's Chicken Discovery Foods Geovera Guardian Home Care Korn/Ferry Midwest DentalFriedman Fleischer & Lowe Completes Deal for Midwest Dental. Dow Jones LBO Wire, April 18, 2011Friedman Fleischer Lowe Acquires Midwest Dental. Mergers & Acquisitions Report, April 7, 2011 Milestone AV Technologies Tempur-Pedic WellStreet Wilton Re

Rankings HEC-Dow Jones's Private Equity Performance Ranking lists the world's top private equity firms in terms of aggregate performance and listed FFL for three years:

Ranked #1 in 2012 Ranked #2 in 2011 Ranked #11 in 2010

People FFL's team consists of experienced professionals with diverse backgrounds in operational and strategic management, investment banking, private equity investing, and consulting. The firm's 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.

Investment Principals Tully M. Friedman:Bloomberg Businessweek Executive Profile: Tully Michael Friedman Hellman & Friedman (co-founder); Salomon Brothers (managing director) Spencer Fleischer:Bloomberg Businessweek Executive Profile: Spencer C. Fleischer Morgan Stanley (Member of Investment Banking Operating Committee & Managing Director) Chris Masto:Bloomberg Businessweek Executive Profile: Christopher A. Masto Bain & Company; Morgan Stanley Rajat Duggal: Bain Capital; Kirkland & Ellis; Deloitte & Touche Nancy Graham Ford: Thomas H. Lee Partners; Goldman Sachs Aaron S. Money: DB Capital; Chase Securities Cas Schneller: GTCR; William Blair John Tudor: Bain Capital; Monitor Company

Operating Partners Robert A. Eckert Bob Keegan: Q&A With Ex-Goodyear CEO Bob Keegan. Wall Street Journal Deal Journal, October 28, 2011 Goodyear Tire (Chairman & CEO); Kodak (President, Consumer Imaging); Avery Dennison (Global Strategy Officer) Jeff Lane:Friedman Fleischer Adds Operating Partner. Dow Jones LBO Wire, June 23, 2011 Boise Inc. (Senior Vice President & General Manager); McKinsey & Company (managing director) Rick Lenny: Former Hershey Chief Joins Friedman Fleischer & Lowe. New York Times DealBook, May 16, 2012 The Hershey Company (chairman, President & CEO); Nabisco Biscuit Company (President); Pillsbury North America (President) John Roach:Bloomberg Businessweek Executive Profile: John Roach Builders FirstSource (chairman, CEO and Founder); Fibreboard Corporation (chairman, President & CEO); Johns Manville (CFO); Unidare US (Executive Chairman & CEO) Jack Scott: Heidrick and Struggles (Managing Partner); Korn/Ferry (Partner)

Friedman Fleischer & Lowe

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