Neiman Marcus Sold for $6 Billion

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Ares Management LLC and Canada Pension Plan Investment Board announced plans to acquire Neiman Marcus Group from a group of investors led by TPG and Warburg Pincus for $6 billion, according to a press release.

The luxury retailer is comprised of 79 stores totaling more than 6.5 million gross-square feet. The company operates 41 Neiman Marcus stores,  Bergdorf Goodman locations in Manhattan and 36 Last Call outlet centers.

Its upscale online retailing division operates under the Neiman Marcus, Bergdorf Goodman, Last Call and Horchow brand names.

In June, Neiman Marcus Inc., announced it filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock to be sold by existing stockholders of Neiman Marcus.

At that time, the number of shares to be offered and the price range for the proposed offering were not yet determined.

Also in June,  the company  reported financial results for the third quarter reporting total revenues of $1.10 billion compared to $1.06 billion in the prior year.  The company reported net earnings of $70.8 million for the third quarter 2013 compared to $62.6 million in the prior year, an increase of 13%.

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