US private equity firm Forstmann Little has brought its two-year winding down process to an end by selling its last “significant” portfolio company, 24 Hour Fitness Worldwide.
AEA Investors and the Ontario Teachers’ Pension Plan bought the company from Forstmann, which has been selling off its investments since the death of co-founder Ted Forstmann in November 2011.
Forstmann Little bought health club chain 24 Hour Fitness in a $1.6bn deal in 2005. The company now employs about 21,000 fitness professionals in more than 400 clubs across the US.
Lawyer Mark MacDougall, acting as spokesman for Forstmann, said “Today’s sale of 24 Hour Fitness brings to a close the final chapter of Ted Forstmann’s remarkable career as an investor.”
Forstmann Little general partner Winston Hutchins added, “We would like to express our appreciation to our limited partners, who have shown great patience in their support of 24 Hour Fitness and its management through the years, helping lead to this successful outcome.”
Copyright © 2014 AltAssets