The Neiman Marcus Group, Inc. has agreed to sell the company to an investment group consisting of Texas Pacific Group and Warburg Pincus LLC for $5.1 billion.
Each of the investors will own equal stakes in the company once the transaction has been completed by Nov. 1, Neiman Marcus said yesterday.
“Our customers, employees and vendors should know that now, and following the completion of this transaction, it will be business as usual,” said Burt Tansky, president and CEO of Neiman Marcus in a statement. “We believe that our new partners will help us continue to focus on a business plan that is dedicated to luxury leadership, financial discipline, quality and growth.”
The Smith family—Richard Smith is chairman of the board—which owns a significant percentage of the equity of the company, has entered into a separate agreement to vote its shares in favor of the merger.
Dallas-based Neiman Marcus operates 35 Neiman Marcus and two Bergdorf Goodman stores.
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