Fortsmann Little Ponders Sale Of Workout Gym Chain 24 Hour Fitness
The owner of health club chain 24 Hour Fitness "is close to selling the business in a deal that would mark the dissolution of Forstmann Little, the private equity empire that for two decades set the tone of the modern buyout industry," according to Ed Hammond of the FINANCIAL TIMES. Fortsmann Little "has hired bankers" and is hoping to raise close to $2B from the sale of the gym. Fortsmann Little bought the chain for $1.6B in '05. The group "has met with banks in recent weeks to discuss a sale." The process "is at an early stage." An exit would effectively signal the end of Fortsmann Little, once among the world's largest private equity funds, which sold IMG last year (FT, 4/3).