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Neiman Marcus Said to Attract Interest From Ares Management

Neiman Marcus Said to Attract Interest From Ares Management
Neiman Marcus Inc. signage is displayed on the window of a store in San Francisco. Photographer: David Paul Morris/Bloomberg

Aug. 16 (Bloomberg) -- Neiman Marcus Inc., the upscale retailer said to be considering takeover offers, has attracted interest from Los Angeles private-equity firm Ares Management LLC, according to people familiar with the process.

Ares is working with a Canadian pension fund, said one of the people, who asked not to be named because the process is private. Neiman owners TPG Capital and Warburg Pincus LLC, weighing a sale of the chain against a possible initial public offering, will decide on an option within about six weeks, according to the people.

If the owners fail to draw a bid that meets their expectations by then, they probably will proceed with an IPO, the people said. The retailer also has fielded approaches from potential suitors such as CVC Capital Partners Ltd. and KKR & Co., people familiar with the process said last week.

The company, which operates stores under the Neiman and Bergdorf Goodman banners, filed for an offering in June. Representatives at Neiman, Ares, TPG, Warburg, CVC and KKR declined to comment.

Neiman Marcus’s owners, which are working with Credit Suisse Group AG on the IPO, were seeking as much as $8 billion in a sale, two people familiar with the matter said in May. TPG and Warburg paid about $5.1 billion for the Dallas-based retailer in 2005.

To contact the reporters on this story: Cristina Alesci in New York at calesci2@bloomberg.net; Jodi Xu in New York at jxu205@bloomberg.net

To contact the editor responsible for this story: Jeffrey McCracken at jmccracken3@bloomberg.net

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