* Syndicate of banks appointed for possible IPO -sources
* Neiman Marcus has also hired Credit Suisse to look at sale
* Company has been in private equity hands since 2005
By Soyoung Kim and Olivia Oran
Aug 5 Neiman Marcus has appointed a syndicate of
banks for a possible initial public offering, two people
familiar with the matter said on Monday, in the latest sign that
the high-end department store is leaning towards a listing over
pursuing an outright sale.
Neiman Marcus has also hired Credit Suisse to run a sales
process for the company, which has yet to find a buyer, sources
have previously told Reuters.
Sources on Monday said Neiman Marcus' private equity owners
are still keeping options for their long-held investment open
and may decide to sell the company if a buyer comes along.
The Dallas, Texas-based company, owned by TPG Capital,
Warburg Pincus LLC and Leonard Green & Partners LP, has selected
Credit Suisse AG, Bank of America Corp and
JPMorgan Chase & Co to lead the potential IPO, the
The people asked not to be identified because the matter is
confidential. TPG, Warburg and Leonard Green declined to
comment, while Neiman Marcus did not respond to a request for
comment. Credit Suisse, Bank of America and JPMorgan declined to
TPG and Warburg took Neiman private in 2005 for $5.1
A sovereign wealth fund from Qatar was interested in
Neiman's luxury department store Bergdorf Goodman but the
company was not interested in selling off an asset which it
regards as its crown jewel, one of the people said.
Neiman operates 41 namesake departments stores, Bergdorf
Goodman as well as the lower-price outlet chains Last Call and
CUSP. It competes directly with chains like Saks Inc,
Nordstrom Inc and Macy's upscale Bloomingdale's
Canadian department store chain Hudson's Bay
announced last week an agreement to acquire Saks for $2.9
billion, including debt.
Private equity-owned companies routinely try to sell
themselves to other companies or funds while they are also
preparing for an IPO in a practice referred to by investment
bankers as "dual-track."
Warburg Pincus agreed in May to sell Bausch & Lomb Holdings
Inc to Valeant Pharmaceuticals International for $8.7
billion just as the company was in the final stages of preparing
for a stock market flotation.