Headlines

Neiman Marcus Sale Almost Final

Luxury retailer will go to capital management groups for $6B

Published

11 years ago

September 9, 2013

steve kaufman

The Neiman Marcus Group (Dallas) is about to be sold for about $6 billion to a group led by Ares Management LLC (Los Angeles) and the Canadian Pension Plan Investment Board.

The New York Times said the deal with Neiman’s primary owners, Warburg Pincus (New York) and TPG Capital (Fort Worth, Texas), might be announced this week, though “talks are ongoing and could still fall apart.”

Warburg and TPG, which have owned Neiman Marcus and Bergdorf Goodman for nearly eight years, have been looking to exit their investment for several months. The two investment firms filed to take Neiman public this spring, but also began pursuing an outright sale.

If the deal goes through, it will be the second U.S. luxury retailer to fall into Canadian hands. This summer, Saks Inc. (New York) was acquired by The Hudson’s Bay Co. (Toronto) for $2.4 billion.

The Canada Pension Plan Investment Board (CPPIB) manages about $183 billion in investment assets for the Canada Pension Plan on behalf of 18 million Canadians.

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