M&A Deal Summary

Ares Private Equity Group and CPP Investments Acquire Neiman Marcus

On September 9, 2013, private equity firm Ares Private Equity Group and pension CPP Investments acquired retailer Neiman Marcus from aPriori Capital Partners, Warburg Pincus, TPG and Leonard Green & Partners for 6.0B USD

Acquisition Highlights
  • This is Ares Private Equity Group’s 6th and CPP Investments’ 1st transaction in the Retail sector.
  • This is Ares Private Equity Group’s and CPP Investments’ 6th largest (disclosed) transaction.
  • This is Ares Private Equity Group’s 42nd and CPP Investments’ 4th transaction in the United States.
  • This is Ares Private Equity Group’s 5th and CPP Investments’ 3rd transaction in Texas.
Investment Fate
  • Neiman Marcus went bankrupt in 2020.

M&A Deal Summary

Date 2013-09-09
Target Neiman Marcus
Sector Retail
Buyer(s) Ares Private Equity Group
CPP Investments
Sellers(s) aPriori Capital Partners
Warburg Pincus
TPG
Leonard Green & Partners
Deal Type Secondary Buyout
Deal Value 6.0B USD
Advisor(s) Credit Suisse Investment Banking (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

Neiman Marcus

Dallas, Texas, United States
website
Neiman Marcus Group Inc. is a specialty retailer with online and offline operations. The Company's retail stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts both catalog and online operations under the Neiman Marcus, Bergdorf Goodman and Horchow brand names. Neiman Marcus was originally established in 1907 and is headquartered Dallas, Texas.

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Buyer(S) 2

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 47 of 96
Sector (Retail) 6 of 7
Type (Secondary Buyout) 16 of 38
State (Texas) 5 of 9
Country (United States) 42 of 82
Year (2013) 4 of 6
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-05 Cast & Crew

Burbank, California, United States

Cast & Crew is a provider of software and services to the entertainment production industry. Cast & Crew's software products and services assist in the areas of payroll & human resources, accounting & financial, and workflow & productivity. Cast & Crew was founded in 1976 and is based in Burbank, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-30 AZEK

Chicago, Illinois, United States

AZEK is a manufacturer of beautiful, low-maintenance residential and commercial building products, and is committed to accelerating the use of recyclable materials. The company is completely focused on leveraging our expertise in materials science and its customer-centric approach to engineer and manufacture the most beautiful, most sustainable building products to improve the lives and businesses of our customers. AZEK is based in Chicago, Illinois.

Buy -
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 6 of 46
Sector (Retail) 1 of 4
Type (Secondary Buyout) 2 of 9
State (Texas) 3 of 6
Country (United States) 4 of 24
Year (2013) 2 of 2
Size (of disclosed) 6 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-03 Bullring

Birmingham, United Kingdom

Bullring Limited operates as a shopping center. It offers space for fashion and food retailers.

Buy £307M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-21 Wilton Re Holdings

Norwalk, Connecticut, United States

Wilton Re Holdings Limited provides traditional life reinsurance and insurance Run Off Solutions through its wholly owned operating subsidiaries, Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, and Wilton Reassurance Life Company of New York.

Buy $1.8B

Seller(S) 4

SELLER
DESCRIPTION

aPriori Capital Partners (formerly DLJ Merchant Banking Partners) is a middle-market private equity firm focused on middle-market buyouts in the US and Europe. Sectors of interest include healthcare, retail, consumer, energy, business services, and industrial. aPriori was originally established in 1985 and has offices in New York and Los Angeles.


DEAL STATS #
Overall 39 of 51
Sector (Retail) 1 of 1
Type (Secondary Buyout) 9 of 13
State (Texas) 5 of 5
Country (United States) 31 of 38
Year (2013) 2 of 3
Size (of disclosed) 4 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-20 Warner Chilcott

Ardee, Ireland

Warner Chilcott is a global specialty pharmaceutical company currently focused on the gastroenterology, women's healthcare, dermatology and urology segments of the North American and Western European pharmaceuticals markets.

Sell $8.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-26 Grohe Deutschland Vertriebs

Deutschland, Germany

Grohe Deutschland Vertriebs GmbH is a manufacturers of sanitary fittings (taps, faucets and showers), offering a broad range of products for handling water in bathrooms and kitchens.

Sell $4.1B
SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 90 of 249
Sector (Retail) 2 of 7
Type (Secondary Buyout) 10 of 41
State (Texas) 9 of 24
Country (United States) 58 of 136
Year (2013) 12 of 21
Size (of disclosed) 5 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-20 Modernizing Medicine

Boca Raton, Florida, United States

Modernizing Medicine is a provider of specialty-specific health information technology. Its flagship product, the EMA, is a cloud-based, specialty-specific EHR system. The company’s suite of products also includes practice management and revenue cycle management solutions as well as telehealth for dermatology and analytics. Modernizing Medicine was founded in 2009 and is based in Boca Raton, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-16 Spigit

Pleasanton, California, United States

Spigit, Inc. is an early-stage software company that provides innovation/idea management services to enterprise customers. It provides customers with collaborative, social networking tools to engage employees and customers for business innovation and idea discovery. Users submit, review, vote and provide feedback on ideas on the platform. Spigit was founded in 2007 and is based in Pleasanton, California.

Sell -
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 104 of 245
Sector (Retail) 7 of 13
Type (Secondary Buyout) 6 of 34
State (Texas) 12 of 24
Country (United States) 76 of 182
Year (2013) 11 of 22
Size (of disclosed) 7 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-05 IQVIA

Durham, North Carolina, United States

IQVIA is a provider of advanced analytics, technology solutions, and contract research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific. IQVIA was founded in 2016 and is based in Durham, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-16 Healthium

Bengaluru, India

Healthium is a medical devices player, manufacturing and marketing several surgical and medical consumables including surgical sutures, staplers, suturing needles, other wound closure products, surgical gloves, urology products, and a range of minimally invasive solutions. The company is headquartered in Bangalore and has 5 manufacturing locations across the country. The Sutures India division of the company has a strong sales and distribution network in India comprising over 400 sales personnel and over 1,500 distributors. Clinisupplies, the UK division of Healthium, is a leading medical devices player in the UK, marketing and selling urology products, surgical sutures, and other wound care products. It also has a significant global presence with exports to over 50 countries, including the USA, France, Germany, Italy, Switzerland, Brazil, Mexico, GCC countries, Egypt, Turkey, and several Asian countries. Healthium also has a large OEM business that caters to the requirements of sutures and other medical device companies globally.

Buy -
SELLER

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 14 of 51
Sector (Retail) 5 of 14
Type (Secondary Buyout) 5 of 17
State (Texas) 1 of 5
Country (United States) 13 of 48
Year (2013) 1 of 4
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-06 Clean Energy

Newport Beach, California, United States

Clean Energy is a provider of vehicular natural gas (CNG and LNG) as an alternative fuel to vehicle fleets across the US. Clean Energy was founded in 2001 and is based in Newport Beach, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-14 Rite Aid

Philadelphia, Pennsylvania, United States

Rite Aid is a drugstore chain with approximately 4,600 stores in 31 states and the District of Columbia. Rite Aid was founded in 1962 and is based in Camp Hill, Pennsylvania.

Sell -