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(NEW YORK) As of today, Neiman Marcus has a new set of owners. In a $6 billion deal, Ares Management and Canada Pension Plan Investment Board purchased the department store from TPG and Warburg Pincus. Originally pursuing an IPO, Warburg and TPG decided to sell the company after eight years of ownership, which they purchased for $4.6 billion in 2005. Luxury retailer rival Saks Inc. will also be sold to a Canadian company once the $2.9 billion sale to Hudson’s Bay Co. is finalized, which should be sometime in November according to WWD.
