Ares, CPPIB Close Deal for Neiman Marcus

NeimanMarcusLOS ANGELES and TORONTO-Ares Management and Canada Pension Plan Investment Board (CPPIB) have completed their acquisition of Neiman Marcus Group from the private-equity firms TPG Capital and Warburg Pincus for a purchase price of about $6 billion.

The transaction was announced last month. Ares is co-owner of the mattress manufacturers Serta and Simmons.

Karen Katz, president and CEO of Neiman Marcus Group, said, "We look forward to partnering with Ares Management and CPPIB. We believe the future for Neiman Marcus Group is bright."

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