Neiman Marcus Selling to Investment Group
May 9, 2005,
The Neiman Marcus Group, Inc.'s Board of Directors has agreed to sell the company to an investment group consisting of Texas Pacific Group and Warburg Pincus LLC.
Said Richard Smith, chairman of the board of The Neiman Marcus Group, “This transaction provides outstanding shareholder value and represents an endorsement of the excellent performance of our entire team.”
Burt Tansky, president and CEO of The Neiman Marcus Group, said, “We are excited to announce this transaction, particularly given the strengths of Texas Pacific Group and Warburg Pincus. They share our interest in the strong future of our company. Our customers, employees, and vendors should know that now, and following the completion of this transaction, it will be business as usual. 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.”
Completion of the deal is contingent on regulatory review and approval by the shareholders of The Neiman Marcus Group and is expected by Nov. 1.