Blackstone announced today its plans to acquire International Market Centers Inc. (IMC), the world’s largest owner and operator of premier showroom space for the furnishings, home decor and gift industries. The transaction is expected to close during the third quarter of 2017.
Funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities entered into a definitive agreement to acquire IMC from Bain Capital Private Equity, LP and funds managed by Oaktree Capital Management, L.P. Fireside Investments is also expected to partner with Blackstone.
IMC has 12.2 million square feet of exhibition space in High Point, NC, and Las Vegas. Its mission is to build and operate an innovative, sustainable and profitable platform for the furnishings, home decor and gift industries.
“This marks an exciting time for International Market Centers,” said Robert Maricich, CEO 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 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.
“By leveraging the scale of Blackstone’s platform and expertise in real estate investing, we look forward to partnering with IMC to help drive the company’s continued growth in the years ahead,” said Tyler Henritze, a Senior Managing Director in Blackstone’s Real Estate group.
“In forming IMC, we combined a number of assets and made significant investments in the High Point and Las Vegas markets," said Ryan Cotton, a Managing Director at Bain Capital. "Today the business is a clear leader in the industry, with capabilities and reach that provide best-in-class productivity for the buyers and sellers who attend those markets."
“We are proud to have built IMC into a leading, high-performing business in partnership with Bob Maricich and his talented executive team," said Phil Loughlin, a Managing Director at Bain Capital. "We believe the business we're leaving behind will remain robust and compelling for years to come."
“Having partnered with Bob Maricich and Bain Capital at the creation of IMC, we are enormously proud of the enduring and essential platform this management team has built," said Kaj Vazales, Managing Director at Oaktree. "IMC is well-positioned for the next phase of growth as the nexus of commerce for the furnishing, home décor and gift industries."
