Friday, July 7, 2017 | 10:26 a.m.
Investment firm Blackstone, in partnership with Fireside Investments, announced Thursday it is buying International Market Centers, owner-operator of World Market Center in downtown Las Vegas, from Bain Capital Private Equity and funds managed by Oaktree Capital Management.
World Market Center, 475 S Grand Central Parkway, has more than 5 million square feet of furniture industry showroom space across three buildings on 57 acres. Open since 2005, it is the world’s largest showroom complex for the home and hospitality furnishings industry, serving domestic and international sellers and buyers.
“This marks an exciting time for International Market Centers,” said Robert Maricich, chief executive officer of IMC. “While Bain Capital and Oaktree have been great partners for the past six years, we look forward to this new relationship and our next phase of growth. Blackstone is a firm with a strong track record of enabling transformational change and shares our long-term vision for the business.”
IMC has 12.2 million square feet of world-class exhibition space in High Point, N.C. and Las Vegas. IMC’s Summer Las Vegas Market, set for July 30-Aug. 3, will feature 40 floors of furniture, bedding/mattress, lighting, decorative accessories, wall art, floor coverings and housewares.
“IMC has an excellent management team that has built a high-quality business and leader in the furniture, showroom, and gift industry exhibition space,” said Andrea Serra, a managing director in Blackstone’s Tactical Opportunities group.
Terms of the deal were not disclosed. The transaction is expected to close during the third quarter of 2017, and is subject to customary closing conditions.