Niemans Sold
Dallas-based luxury retailer Neiman Marcus Group Inc. has been purchased by an investment group consisting of the Texas Pacific Group and Warburg Pincus LLC in a deal valued at approximately $5.1 billion. The acquisition is subject to regulatory review and shareholder approval, but the deal is expected to be complete by November. Neiman Marcus executives said it will be business as usual for the retail chain during the acquisition process. The Texas Pacific Group is a 12-year-old private investment company based in Fort Worth, Texas; San Francisco; and London. The company manages more than $15 billion in assets. Warburg Pincus is a 34-year-old private equity investor with approximately $13 billion under management.
