$6 Billion Sale of Neiman Marcus Complete

Ares Management and Canadian Pension Plan Investment Board have completed their $6 billion purchase of luxury retailer Neiman Marcus. The transaction ends control of the luxury retailer by private equity firms TPG Capital and Warburg Pincus. They bought the company for $5.1 billion in 2005 during booming economic times, and just before a global economic crisis. Neiman Marcus, founded in 1907 by Herbert Marcus Sr., his sister Carrie Marcus and her husband A.L Neiman, has had a series of owners during its rich history.