NEW YORK, Sept. 30 (UPI) -- Forstmann Little & Co., a New York private investment firm, Thursday agreed to acquire IMG in Cleveland, Ohio.
Forstmann Little said the company is being acquired from trusts established by IMG's founder, the late Mark McCormack, and from the family of Arthur J. Lafave, Jr., IMG's vice chairman.
IMG is the world's largest sports and lifestyle management and marketing firm. With a staff of approximately 2,200 in over 60 offices in more than 25 countries, IMG represents the world's top athletes, broadcasters, models, classical musicians, authors, newsmakers and other talent.
The transaction, which is expected to close before the end of the year, is subject to regulatory approval. It is not subject to financing.
After the acquisition, senior management of IMG will have an equity ownership in the company. In addition, the McCormack family trust intends to retain a continuing interest in IMG. Forstmann Little will finance the acquisition entirely with its own capital. The purchase price was not disclosed.
