On Oct. 25, Ares Management LLC and Canada Pension Plan Investment Board (CPPIB) announced they had completed their purchase of Neiman Marcus.
The purchase price was $6 billion. The retailer’s prior owners were also investment companies: TPG and Warburg Pincus. The transaction was announced on Sept. 9.
“We are very pleased with the successful outcome of this transaction,” said Karen Katz, Neiman Marcus Group president and CEO, in a statement. “We look forward to partnering with Ares Management and CPPIB. We believe the future for Neiman Marcus Group is bright.”