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Canada Pension Plan, Ares complete $6bn acquisition of Neiman Marcus

RBR Staff Writer Published 29 October 2013

Ares Management and Canada Pension Plan Investment Board (CPPIB) have completed $6bn acquisition of Dallas-based upscale department store Neiman Marcus Group.

Under the deal, which was planned earlier last month, Ares and CPPIB hold an equal stake in the retailer, while the company's management will retain a minority stake.

Neiman Marcus Group president and CEO Karen Katz said "We believe the future for Neiman Marcus Group is bright."

The sale comes just weeks after Hudson's Bay agreed to acquire US luxury department store chain Saks for $2.4bn.

Neiman Marcus, led by private equity firms TPG Capital and Warburg Pincus since 2005, presently operates 41 namesake department stores along with the Bergdorf Goodman store on Manhattan's Fifth Avenue and the Last Call outlet chain.