US retail group Neiman Marcus has hired a syndicate of banks to explore a potential IPO, Reuters has reported. It has also tasked Credit Suisse to identify alternative sales options, but has yet to identify an acquirer.
In June AltAssets reported that private equity firms TPG Capital and Warburg Pincus were nearing an overdue exit from the luxury retailer after the company filed to raise $100m through an initial public offering.
The buyout firms bought into Neiman for $5.1bn in 2005 ahead of fellow private equity firms including Blackstone, Bain Capital, Thomas H Lee Partners and KKR.
TPG holds about 41.5 per cent of the business according to an IPO filing with the US Securities and Exchange Commission, while Warburg controls about 43 per cent.
Neiman Marcus had adjusted EBITDA of $623m for the 12-month period ending April 28 last year, and operating earnings of $428m.
Revenues for the 12-month period ending April 27 were $4.5bn, up 6.5 per cent on the preceding 12 months.
Rumours of an impending IPO were rife last month alongside other potential exit strategies for the private equity firms, which could have included KKR buying fellow retailer Saks, which was sold last month to Canadian retailer Hudson’s Bay.
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