CPPIB Acquiring Neiman Marcus

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    Ares Management LLC and the Canada Pension Plan Investment Board (CPPIB) have entered into a definitive agreement to acquire Neiman Marcus Group LTD Inc. from a group of investors led by TPG and Warburg Pincus. Ares and CPPIB will hold an equal economic interest in the legendary retailer and the company’s management will retain a minority stake. The transaction is expected to close in the fourth quarter of 2013. Based in Dallas, TX, Neiman Marcus is one of the largest U.S. luxury retailers, comprised of 79 stores totaling more than 6.5 million gross square feet. The company operates 41 Neiman Marcus Stores, two Bergdorf Goodman locations, and 36 Last Call outlet centres.