US Fitness Chain 24 Hour Fitness has been sold by owners Forstmann Little to a group of North American investors, for a reported fee in excess of US $1.9bn (€1.4bn, £1.3bn).

One of the largest fitness chains in the United States, 24 Hour Fitness has nearly 4 million members and more than 400 clubs across the country.

AEA Investors, Fitness Capital Partners and Global Leisure Partners joined with Ontario Teachers’ Pension Plan to acquire the portfolio, which Forstmann Little had increased by nearly 100 clubs since buying it in 2005 for US$1.6bn (€1.2bn, £1bn).

A new CEO will be installed at 24 Hour Fitness, with Mark Smith to replace current chief Elizabeth Blair – who was appointed in September 2013 – next month.

Forstmann Little had been trying to sell the chain for nearly two years, as it bids to wind down its investments following the 2011 death of co-founder Theodore Forstmann.

To read an exclusive 2012 Health Club Management interview with former 24 Hour Fitness CEO Carl Liebert, click here.