TPG Capital and Warburg Pincus acquired Neiman Marcus in October 2005, before the height of the private equity boom (or bubble). What investors need to know is that the private equity firm is selling shares, and it appears that none of the shares sold will be for the benefit of Neiman Marcus itself.
Credit Suisse was the only firm listed on the tombstone in the underwriting group. The company has a history of more than 100 years in retailing and includes the Neiman Marcus and Bergdorf Goodman brands.
During the 12-month period ended April 27, 2013, Neiman Marcus generated revenues of $4.5 billion. That represents growth of 6.5% from the same period in 2012. Its operating earnings were $428 million, or 9.4% of revenues, and its adjusted EBITDA of $623 million represented 13.7% of revenues. The store count is as follows:
- 41 Neiman Marcus full-line stores in marquee retail locations in major U.S. metro markets
- Two Bergdorf Goodman stores on Fifth Avenue in New York City
- 35 off-price smaller format Last Call clearance stores
- Six smaller format stores under the name CUSP that cater to a younger customer focused on contemporary fashion
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