HIGH POINT AND LAS VEGAS
MARKETS MERGE TO FORM
INTERNATIONAL MARKET CENTERS
HIGH POINT, N.C. and LAS VEGAS -- International Market Centers, LP (IMC) has been formed, combining the business of both the High Point International Home Furnishings Market and the Las Vegas World Market Center.
The IMC said an investment of approximately $1 billion has been made to unite iconic showroom assets in High Point, NC, and Las Vegas. "It creates an effective, efficient and compelling world-class business-to-business platform for both buyers and sellers," according to the new management.
According to the new organization's management, the International Market Centers are now "the world's largest network of premium home furnishings, gift and home décor showroom and exhibition space."
IMC's portfolio, initially comprised of 13 buildings and encompassing more than 10.6 million gross sq. ft., includes the International Home Furnishings Center and the Market Square Complex (consisting of eight properties) in High Point as well as all of the World Market Center Las Vegas buildings.
Through a series of transactions, all assets in the portfolio have been recapitalized with significant equity investments, providing for long-term stability and creating a growth platform for the industry. Financial details of the transactions were not disclosed.
IMC has also reached agreement to acquire five additional buildings in High Point, encompassing nearly a million sq. ft., including Showplace, Showplace West and three North Hamilton Street showroom venues in High Point.
Upon the closing of this transaction, IMC will own and operate a total of 18 showroom buildings spanning 11.5 million sq. ft. Closing is expected within 60 days.
IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P. Related Companies, Bassett Furniture Industries and affiliates of Network World Market Center are also investors in the company.