Forstmann Little is preparing to sell 24 Hour Fitness for close to $2B in a deal that would mark the end of what used to be one of the world's largest private-equity firms, the FT reports.
Forstmann Little bought 24 Hour Fitness for $1.6B in 2005 and tried to sell the gym chain 18 months ago, but didn't apparently receive an offer that met the asking price.
In its heyday, Forstmann Little led the acquisitions of companies such as Gulfstream Aerospace, Dr Pepper, Topps and IMG. It was also a main protagonist in the 1990 book, "Barbarians at the Gate."
However, the death of the co-founder Theodore Forstmann in 2011 heralded the beginning of the end for the firm.