Blackstone to acquire International Market Centers
July 6, 2017,
HIGH POINT — Blackstone announced that funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities entered into a definitive agreement to acquire International Market Centers, a leading 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, L.P.
Fireside Investments is also expected to partner with Blackstone in the acquisition. Financial terms of the transaction were not disclosed. IMC operates 12.2 million square feet of world-class exhibition space in High Point and Las Vegas. The company’s mission is to build and operate an innovative, sustainable, profitable and scalable platform for the furnishings, home decor and gift industries.
“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. 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,” said Ryan Cotton, a managing director at Bain Capital.
The transaction is expected to close during the third quarter of 2017 and is subject to customary closing conditions. 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.
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