Dual-Track exit strategy (IPO + Buyout) in Neiman Marcus sale
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 The offering was subsequently withdrawn and the Company was acquired by Advent International and Goldman Sachs Capital Partners in February 2012 in a deal valued at over $3 billion.
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