HSBC-North America Retail Services Acquires Private label credit card accounts
Download Deal Report As PDF| Date | Status | Stake Acquired | Deal Price | Deal Type | Currency Used |
| June 2005 | Completed | 100% | $653,000,000 | Acquisition | Cash |
| Target | Buyer | Seller |
Private label credit card accounts | HSBC-North America Retail Services Stake Acquired: 100 % |
| Deal Amount | |
| Deal Price | $653,000,000 |
| Cash Amount | $540,000,000 |
| Enterprise Value (EV) | $653,000,000 |
| Financials for Target: Private label credit card accounts | Transaction Multiples | Transaction Multiples w/ Max. Contingency | |||
| Total Assets | N/A | EV / A | EV / A | ||
| Stockholder's Equity | N/A | EV / SE | EV / SE | ||
| Revenues | N/A | EV / R | EV / R | ||
| Net Income (Loss) | N/A | EV / E | EV / E | ||
| Cash Flow | N/A | EV / CF | EV / CF | ||
| EBITDA | N/A | EV / EBITDA | EV / EBITDA | ||
| Operating Income (Loss) | N/A | EV / OI | EV / OI | ||
| Deal Notes |
| Of the $653 million, HSBC paid $540 million in cash and for the remaining it assumed or repaid the company's securitization liabilities to the tune of $113 million. |
| Contingency Payments | |
| Has Contingency Payment? | No |
| Termination Fees | |
| Has Termination Fee? | No |
| Target Balance Sheet | |
| Has Other Assumed Liabilities? | Yes |
| Other Assumed Liabilities | $113,000,000 |
| Business Description for Seller: The Neiman Marcus Group, Inc. |
The Neiman Marcus Group, Inc. is a privately-held luxury retailer with headquarter in Dallas, Texas. The Neiman Marcus Group is comprised of the Specialty Retail Stores division, which includes Neiman Marcus Stores and Bergdorf Goodman, and the Direct Marketing division operating as Neiman Marcus Direct. These retailers offer upscale assortments of apparel, accessories, jewelry, beauty, and decorative home products for the affluent consumer. The company operates Neiman Marcus stores across the United States and Bergdorf Goodman stores in Manhattan. The company also runs Last Call clearance centers. Neiman Marcus Direct, the direct-to-consumer business, conducts both print catalog and online operations under the Neiman Marcus, Bergdorf Goodman, Horchow, Last Call, and CUSP brands. Founded in 1907 by Herbert Marcus, Sr., Carrie Marcus Neiman, and Abraham Lincoln Neiman, Neiman Marcus is owned by private equity firms TPG Capital and Warburg Pincus. |
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