Funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities have completed the previously announced acquisition of International Market Centers (IMC), an owner and operator of premier showroom space for the furnishings, home decor and gift industries, from Bain Capital Private Equity, and funds managed by Oaktree Capital Management.
Fireside Investments also partnered with Blackstone on the acquisition.
IMC is the world’s largest owner and operator of premier showroom space for the furnishings, home decor and gift industries, with 12.2 million square feet of world-class exhibition space in High Point, NC and Las Vegas, NV catering to over 2,000 exhibitors. The Company’s mission is to build and operate an innovative, sustainable, profitable and scalable platform for the furnishings, home decor and gift industries.
“This marks an exciting time for International Market Centers,” says Robert Maricich, Chief Executive Officer of IMC. “We look forward to working closely with our new partner, Blackstone, during 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.”
“Blackstone is excited to partner with IMC’s top-tier management team to drive continued growth of this industry leader,” says Andrea Serra, a Managing Director in Blackstone’s Tactical Opportunities group.
“Blackstone will leverage its significant resources to ensure IMC’s ongoing leadership position as the industries it serves continue to grow and evolve,” says Tyler Henritze, a Senior Managing Director in Blackstone’s Real Estate group.
Blackstone is one of the largest real estate investors in the world, with over $104 billion of assets under management across its opportunistic, core+, private REIT and debt funds and has made investments with a total enterprise value of over USD4 billion in Las Vegas since 2013. Blackstone plans to support the continued growth of the company and has significant financial capacity to invest additional capital for future re-development, development and acquisition opportunities.
“We are extremely proud to leave behind a strong, stable and well-capitalised platform comprised of world-class exhibition space assets that attracts buyers and exhibitors from around the world and delivers an efficient and rewarding market experience. We are confident that the business is well positioned for its next phase of growth, happy that it continues in safe hands and deeply appreciative of the management team who led us on this journey and will continue to steward the business through its continuing success,” says Ryan Cotton and Phil Loughlin, Managing Directors at Bain Capital and Kaj Vazales, Managing Director at Oaktree.
Allen & Company LLC and Kirkland & Ellis LLP served as advisors to International Market Centers, Bain Capital and Oaktree. Simpson Thacher & Bartlett LLP served as advisors to Blackstone and Fireside. Citigroup Global Markets Inc. led the acquisition financing syndicate and served as an advisor to Blackstone in connection with the transaction.
