On September 9, Ares Management and Canada Pension Plan Investment Board (CPPIB) announced they had reached an agreement to acquire Neiman Marcus from Warburg Pincus and TPG through a secondary buyout valued around $6 billion. However, earlier this summer, Neiman Marcus filed for $100 million IPO.
Full article: http://blog.pitchbook.com/dual-track-exit-strategy-highlighted-in-neima…
Excerpts [other deals]
[quote] Recently executed dual-track exits:
•Bausch & Lomb, a former portfolio company of Warburg Pincus: Bausch & Lomb registered for a $100 million IPO in March 2013 after private bids came in far under the $10 billion asking price established by Warbug Pincus only to be acquired by Valeant Pharmaceuticals for $8.7 billion in August.
•The Yankee Candle Company, a former portfolio company of Madison Dearborn Partners: The Company registered to go public in July 2013 after failing to find a buyer that would match Madison Dearborn’s asking price of around $2 billion. The IPO was then scrapped when Jarden (NYSE:JAH) agreed to acquire the company for $1.75 billion in the first week of September.
•SeaWorld, a portfolio company of Blackstone Group: The Company filed to go public late in 2012 and soon attracted attention from Apollo Global Management and Six Flags Entertainment. The two sides failed to reach a deal and SeaWorld went public on April 19, 2013 selling 19.9 million shares at $27 apiece and valuing the company at about $2.5 billion
•TransUnion, a former portfolio company of Madison Dearborn: The Company had filed to go public on the New York Stock Exchange in a $325 million offering in June 2011. The offering was subsequently withdrawn and the Company was acquired by Advent International and Goldman Sachs Capital Partners in February 2012 in a deal valued at over $3 billion.
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