TPG, Warburg Pincus Sell Neiman Marcus To P.E. Firm Ares

Sep 10 2013 | 10:11am ET

Private-equity giants TPG and Warburg Pincus have agreed to sell luxury retailer Neiman Marcus to a group led by a fellow p.e. firm.

Ares Management and the Canadian Pension Plan Investment Board will pay $6 billion for the company, which includes New York's Bergdorf Goodman and the Last Call outlet stores. The TPG-Warburg Pincus group paid $5.1 billion for Neiman in 2005, and had planned to take it public later this year if they could not find a buyer.

Ares and the CPPIB will own equal stakes in the retailer. Neiman's management will retain its minority stake.

"We plan on investing meaningful capital into the business to ensure Neiman's long-term position as the unparalleled leader in luxury retail," Ares p.e. co-head David Kaplan said.

The deal is expected to close in the fourth quarter.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note