Ares Management LLC and Canada Pension Plan Investment Board (CPPIB) announced that their affiliates have completed the acquisition of Neiman Marcus Group LTD Inc. for a purchase price of approximately US$6.0 billion.
The two groups said in a statement, “We look forward to partnering with Ares Management and CPPIB. We believe the future for Neiman Marcus Group is bright.”
The transaction was previously announced on Sept. 9, 2013.
“We are very pleased with the successful outcome of this transaction,” commented Karen Katz, Neiman Marcus Group President and Chief Executive Officer. “We look forward to partnering with Ares Management and CPPIB. We believe the future for Neiman Marcus Group is bright.”
About Ares Management LLC
Ares Management LLC is a global alternative asset manager and SEC registered investment adviser with approximately $68 billion of committed capital under management and approximately 700 employees as of September 30, 2013. Ares is headquartered in Los Angeles with professionals located across the United States, Europe and Asia and invests across the capital structure from senior debt to common equity. Ares' investment activities are managed by dedicated teams in its Capital Markets, Private Debt, Private Equity and Real Estate investment platforms. Ares Management was built upon the fundamental principle that each platform benefits from being part of the greater whole. This multi-asset class synergy provides its professionals with insights into industry trends, access to significant deal flow and the ability to assess relative value.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2013, the CPP Fund totalled C$188.9 billion.
About Neiman Marcus Group
Neiman Marcus Group LTD Inc. operations include the Specialty Retail Stores segment and the Online segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts both catalog and online operations under the Neiman Marcus, Bergdorf Goodman and Horchow brand names.
