Four firms have landed roles in connection with the sale of 24 Hour Fitness by Forstmann Little & Co., the New York-based buyout shop that has been liquidating its portfolio following the November 2011 death of cofounder and private equity pioneer Theodore “Ted” Forstmann.
Akin Gump Strauss Hauer & Feld—whose cofounder, Robert Strauss, a longtime Forstmann confidante, died earlier this year—has been advising on the gradual wind-down of Forstmann Little’s private equity empire. In December the firm took the lead on the buyout shop’s $2.3 billion sale of IMG Worldwide to entertainment industry rival William Morris Endeavor Entertainment, according to our previous reports.
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