As private equity deals go, TPG and Warburg Pincus’ 2005 acquisition of Neiman Marcus Inc. is getting long in the tooth — big money investors typically spend five to seven years tweaking a company before trying to cash in.
So with the stock market near its all-time high and interest rates still low, Neiman’s is working with Credit Suisse, which, according to sources, is taking a “dual track” approach, exploring an initial public offering or alternatively an outright sale to another investor.
But the private equity companies could also choose to stick with Neiman’s longer, an option that might be causing some friction between the two investors. A financial source said TPG was content to hold on to the investment, while Warburg Pincus is more keen to unload the luxe retailer now. Other sources close to the investors maintain there is no disagreement.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)