Matt Krantz, USA TODAY
Luxury retail chain Neiman Marcus said Monday it's being bought for $6 billion by Ares Management and a Canadian pension plan.
The sale ends the retailer's ownership by private equity firms TPG Capital and Warburg Pincus. The private equity companies had planned to sell shares to the public in an initial public offering, after buying the company for $5.1 billion in 2005.
Ares Management is a private investment manager based in New York City that specializes in buyouts as well as rescue investments. The Canadian Pension Plan Investment Board invests in a broad range of companies, including utilities, real estate and other properties.
Neiman Marcus is based in Dallas, Texas, has nearly 80 stores and competes with luxury sellers like Saks Fifth Avenue and Barneys New York.