TPG Capital and Warburg Pincus seek exit from Neiman Marcus
TPG Capital and Warburg Pincus are reported to seek an exit from upscale U.S. retailer Neiman Marcus. The investment of the two funds helped Neiman Marcus go private in 2005, the transaction being estimated at US$ 5,1 billion. In the latest quarter, Neiman Marcus posted sales of $1.36 billion, up from $1.28 billion in the same period a year ago (20% of sale are generated online). Comparable revenues increased by 5.3%, and operating earnings rose by 14.5% to $124.4 million.