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Ares Management and CPPIB complete Neiman Marcus acquisition

28 Oct 2013

shopping bag_lrgPrivate equity firm Ares Management and Canada Pension Plan Investment Board (CPPIB) have completed the $6bn acquisition of Neiman Marcus Group.

The luxury goods retailer’s private equity owners Warburg Pincus and TPG made a return of around 2.5 times from the exit. The two firms are set to receive $3.1bn in total from the sale and a dividend payout from last year, well above the $1.2bn they each invested in 2005, according to Bloomberg.

The buyout firms bought into Neiman ahead of fellow private equity firms including Blackstone, Bain Capital, Thomas H Lee Partners and KKR.

Last month it was reported that Ares Management and CPPIB were in advanced talks to buy Neiman Marcus, which had filed for a $100m IPO earlier in 2013.

Neiman Marcus CEO Karen Katz said, “We are very pleased with the successful outcome of this transaction. We look forward to partnering with Ares Management and CPPIB. We believe the future for Neiman Marcus Group is bright.”

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