Fred and FP both grew up in Riverdale and became best friends, most probably in high school but possibly when they were younger, too. In high school FP was a football player and a BMOC, while Fred seems to have been a more quiet type. The two of them had a band together, which Fred recalls as being really terrible. FP has remarked he considers this the best time in his life and he and Fred seem to have had a really strong bond when they were young. As adults, Fred started working construction with his father in their family business and hired FP to work for him. FP relays a different version to Archie and Jughead, that he and Fred were business partners, but that Fred kicked him out when FP sank into alcoholism. Fred also seems to have been wary of FP's connection to the Southside Serpents.
This fallout ended their friendship and while FP was the leader of the Southside Serpents and his home life seemed to worsen, Fred continued with his business. They are brought together again when Fred, after a dry spell, gets a contract for a big project and his workers have had to take other jobs during the lean times. Someone is sabotaging the site and Fred, at first, gets help from Archie and his friends, but FP later shows up and offers Fred his labour, and that of his fellow Serpents, as well as their protection. This seems to course-correct their relationship a bit, although FP still struggles with alcoholism and they continually disagree on some of the Serpents' unlawful activities.
After realizing he's unstable (or pretending to be re: Jason's death) FP decides to take Fred up on his offer that Jughead can live in the Andrews home, following Jughead's spell being homeless.
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Fredsythe is a rare-pair but one of the most popular Parentdale pairings, along with Falice. The ship took off in Season 1 where their storylines, aside from their kids, mostly concerned each other.