Forstmann Little Loses Founder

New York-based Forstmann Little & Co. this month suffered the loss of Nicholas Forstmann, a co-founding partner of the leveraged buyout firm. Forstmann, 54, was reportedly diagnosed with small-celled lung cancer last year and died in his home in New York City.

“We are deeply saddened by the loss of our partner and friend and he will be forever missed,” said a spokesperson for the firm.

Forstmann founded Forstmann Little with his brother Theodore, and with William Brian Little, an investment banker at Merrill Lynch in 1978. Since then the firm has made notable investments in companies such as Dr. Pepper Co., Topps Co., Gulfstream and General Instrument. More recently, Forstmann Little agreed to acquire Citadel Communications Corp. for approximately $2 billion in cash and assumed debt.

Forstmann started his career at Morgan Guaranty Trust Co. and joined the ranks of Kolhberg Kravis Roberts in 1975. He then decided to form Forstmann Little with his brother and Little three years later.

In addition to private equity, Forstmann was also involved in philanthropic endeavors throughout New York City. Forstmann was chairman of the Inner-City Scholarship Fund, chairman of the St. Brigid School and also a member of the Board of Communities in Schools.

Forstmann is survived by his wife, a son and two daughters.

Hung Tran can be contacted at Story Feedback.