Neiman Marcus Takeover Completed

Neiman MarcusDallas–Ares Management and Canada Pension Plan Investment Board (CPPIB) have completed their acquisition of Neiman Marcus Group.

Under the $6 billion deal, which was revealed last month,¬†Ares and CPPIB hold an equal stake in the retailer, while the company’s management will retain a minority stake.

“We believe the future for Neiman Marcus Group is bright,” said Neiman Marcus CEO Karen Katz.

The retailer, which was taken private by TPG Capital and Warburg Pincus eight years ago, operates 41 Neiman Marcus stores, two Bergdorf Goodman and 36 Last Call outlet centers, as well as its online website.

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