The LBO world has always had its share of ego-ruptured alliances, and lately things seem to be as hairy as ever. Buyouts uncovered a few weeks ago that turnaround shop Questor Management Co. is in the midst of winding down operations, while venture-buyout firm Garnett & Helfrich seems to have more than its share of turnover of late.
Ten years ago,
“He wants to run his own firm,” said John Pasquesi, then a Hellman & Friedman general partner. “This is a collegial place, but there are occasionally times when people look to senior authority, and that’s Warren [Hellman]. If Tully wants to be that person, the conclusion he came to is that he has to leave.”
And he did. At the pre-determined date of March 31, 1997, Friedman struck out on his own to co-found
The firm is chugging along. Just last month Friedman Fleischer & Lowe received early antitrust clearance by the FTC for its acquisition of reinsurance company Wilton Re Holdings Ltd. The firm has been an investor in Wilton Re since December 2004, when it helped capitalize the company alongside other buyout firms, including MMC Capital (now known as
Meanwhile, Friedman’s alma mater—Hellman & Friedman—is in the fundraising market with its sixth fund,