Forstmann Little & Co. attracted first-round bids for the talent agency IMG Worldwide Inc. from Silver Lake Management LLC, TPG Capital, CVC Capital Partners Ltd. and KKR & Co., people familiar with the matter said.
Private equity, an investing trade plied by 4,500 firms with $3 trillion in assets, is bracing for a shakeout that’s been brewing since the collapse of credit markets choked off a record leveraged-buyout binge.
Forstmann Little & Co. is working with Morgan Stanley and Evercore Partners Inc. to find a buyer for IMG Worldwide Inc., the talent agency that represents sports stars such as Peyton and Eli Manning, said people with knowledge of the matter.
Ted Forstmann was told by the men’s tennis tour not to violate its gambling rules after he acknowledged making a $40,000 wager on Roger Federer , a client of his company, to beat Rafael Nadal in the 2007 French Open final.
Julian Robertson, the billionaire who once ran one of the world’s largest hedge funds, will take over as chairman of Forstmann Little & Co., the private-equity company co-founded by Ted Forstmann, who died Nov. 20, according to a statement from the New York-based firm.