USA: Neiman Marcus Sold To Investment Group
Department store chain The Neiman Marcus Group Inc is to be sold to an investment group consisting of Texas Pacific Group and Warburg Pincus LLC for approximately $5.1 billion.
Under the terms of the definitive agreement, signed by Neiman Marcus's board of directors, Texas Pacific Group and Warburg Pincus will acquire all of the outstanding Class A and Class B shares of The Neiman Marcus Group for $100.00 per share in cash. Each of the investors will own equal stakes in the company upon completion of the transaction.
Burt Tansky, president and chief executive officer of The Neiman Marcus Group, said that it would be "business as usual" after the transaction, and that the new partners would help the company to continue its focus on "luxury leadership, financial discipline, quality, and growth."
Completion of the deal is contingent on regulatory review and approval by the shareholders of The Neiman Marcus Group and is expected to occur by 1 November, 2005.
The Neiman Marcus Group Inc's operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus and Bergdorf Goodman stores. The Direct Marketing segment conducts both print catalogue and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names.
Texas Pacific Group is one of the world's leading private investment firms, managing over $15bn in assets.
Warburg Pincus has been a leading private equity investor since 1971.
Help test our new apparel sourcing tool.
Retailer The Neiman Marcus Group Inc says its acquisition by an investor group led by Texas Pacific Group and Warburg Pincus is complete....
The following is a general roundup of apparel and shoe chains' September sales results. The list will be updated as new results become available....
Apparel and accessories retailer The Neiman Marcus Group Inc has enjoyed fourth-quarter and full-year profit increases, encouraged by full-price sales and expense control....
The following is a general roundup of apparel and shoe chains' August sales results. The list will be updated as new results become available....
Stockholders of upmarket retailer Neiman Marcus Group Inc have voted in favour of the company being acquired by a private equity group for $5.1 billion....
The following is a general roundup of apparel and shoe chains' July sales results. The list will be updated as new results become available....
The following is a general roundup of apparel and shoe chains' May sales results. The list will be updated as new results become available....
Retail chain operator The Neiman Marcus Group Inc has reported better-than-expected third-quarter sales after continuing to concentrate on full-price selling....
- China leads US apparel sources with falling prices
- Hard hit Turkish industry is not knocked out
- Vietnam grows share of US apparel imports in 2016
- "Power of the many" drives change at Otto Group
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Kohl's, L Brands
- Bangladesh crackdown has cost garment sector $100m
- Adidas and Burberry recognised for sustainability
- Macy's will "do the right thing", says Lundgren
- VF Corp sees Q4 and FY earnings tumble
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022