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Forstmann was born and raised in Greenwich, Connecticut, the second of six children. He was the son of Dorothy (née Mercadante) and Julius Forstmann, who ran a wool business that went bankrupt in 1958. [4] Julius had inherited Forstmann Woolen Co. from his own father, one of the richest American businessmen. [5]
Ruttenberg arranged funding for Forstmann, who launched Forstmann Little & Company in 1978. [3] The company was founded by brothers Ted and Nick Forstmann, and Brian Little. [4] With the deaths of Brian Little and Nicholas Forstmann in 2000 and 2001, [5] respectively, Ted Forstmann was the chief partner. A third brother, J. Anthony Forstmann ...
On Monday, global sports and media behemoth IMG announced the death of its chairman and CEO, Theodore J. "Ted" Forstmann, from brain cancer. Forstmann, born in 1940, was a former investment banker ...
Forstmann was an original investor in Forstmann Little & Company in 1975 with his two brothers, Theodore J Forstmann (Ted) and Nicholas C Forstmann (Nick).At its peak, the company was one of the largest private equity firms globally and specialized in leveraged buyouts.
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Ted Forstmann and his Forstmann Little buyout firm also played a prominent role. After Kravis and Johnson were unable to reconcile their differences, a bidding war took place which Johnson would eventually lose. The side effect of the augmented buyout price to the shareholders was the creation of a high level of debt for the company.
[11] [12] Tom Hicks resigned from Hicks Muse at the end of 2004 and Forstmann Little was unable to raise a new fund. The treasure of the State of Connecticut, sued Forstmann Little to return the state's $96 million investment to that point and to cancel the commitment it made to take its total investment to $200 million. [13]