Neiman Marcus

bankrupt

Retail — Ares Management / CPPIB

Deal Terms

Entry Year2013

Entry EV$6.2B

Entry Multiple12x

Leverage8x

Debt Amount$5B

Outcome

Exit Year2020

Risk Metrics

LTV (est.)81%

Debt / EV0.81x

Notes

$6.2B LBO by Ares/CPPIB. Loaded with ~$5B debt (12x EBITDA). Accused of fraudulently transferring $1B in assets (MyTheresa) to PE sponsors. Filed Chapter 11 May 2020. Emerged Sept 2020 eliminating $4B debt. Ares and CPPIB wiped out. Now merged into Saks Global.

Sponsor

CPP Investments$632B AUM

Hot Potato History

1987→Public Market / Harcourt General

2005→TPG + Warburg Pincus($5.1B)

2013→Ares Management + CDPQ($6B)

2020→Post-bankruptcy (Pacific Investment + Davidson Kempner)($0.5B)

Merged into 'Saks Global' with HBC/Brookfield (2025). Cash crisis. Vendors demanding COD.