May 3, 2005
Willkie client private equity house Warburg Pincus LLC and Texas Pacific Group agree to purchase retail icon Neiman Marcus for $100 a share or $5.1 billion.
On May 2, it was announced that Willkie client private equity house Warburg Pincus LLC and Texas Pacific Group agreed to purchase retail icon Neiman Marcus for $100 a share or $5.1 billion. Neiman Marcus, with sales gains outpacing those of most department store chains, operates 37 stores including two Bergdorf Goodman locations in New York. Regarded as one of the world’s best-run retailers, the Dallas-based luxury chain also owns catalog and Internet operations, and majority-stakes in accessories-maker Kate Spade and Gurwitch Products. For its fiscal year 2004, Neiman posted revenues of $3.55 billion, a 14.4% hike from the previous year. The deal was reported widely in the press, including The Wall Street Journal and The New York Times. As reported in the May 3 Daily Deal partner Steven Gartner represented Warburg Pincus in connection with this transaction.