Ares Management LLC and the Canada Pension Plan Investment Board (CPPIB) have purchased Neiman Marcus Group for $6 billion.

“This is an excellent opportunity to invest in a leading omni-channel luxury retailer, operating two of the most iconic retail brands in the U.S.,” says André Bourbonnais, senior vice-president of private investments at CPPIB. “We believe the company’s strong market position, combined with an expected increase in U.S. luxury goods spending, provide attractive opportunities for future growth.”

Neiman Marcus Group is one of the largest luxury retailers in the U.S., with 79 stores across the country. The Dallas-based company operates 41 Neiman Marcus stores, two Bergdorf Goodman stores and 36 Last Call outlet stores.

The definitive agreement to acquire Neiman Marcus Group was led by TPG and Warburg Pincus. Ares and CPPIB will each hold an equal economic interest in the retailer, while the Neiman Marcus Group’s management will retain a minority stake. The transaction is expected to close later this year.