Blackstone Buys International Market Centers, Home of Las Vegas, High Point Markets
July 6, 2017
Blackstone, through funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities, entered into a definitive agreement to acquire International Market Centers (“IMC”), an owner and operator of showroom space for the furnishings, home decor and gift industries, from Bain Capital Private Equity, LP and funds managed by Oaktree Capital Management, L.P.
Fireside Investments also is expected to partner with Blackstone in the acquisition. Financial terms of the transaction were not disclosed.
At the IMC venues, there are several trade shows, including the High Point and Las Vegas Markets that run biennially.
“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.
She added, “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.
International Market Centers has 12.2 million square feet of world-class exhibition space in High Point, N.C. and Las Vegas.
IMC’s Las Vegas Market is on tap July 30-Aug. 3 and encompasses 40 floors of furniture, bedding/mattress, lighting, casual/outdoor, decorative accessories, wall art, floor coverings, housewares, home textiles, tabletop, lifestyle products, general gift, housewares/gourmet and more.
“This marks an exciting time for International Market Centers,” said Robert Maricich, CEO of IMC.
He added, “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.”
The company’s mission is to build and operate an innovative, sustainable, profitable and scalable platform for the furnishings, home decor and gift industries, according to IMC officials.
“In forming IMC, we combined a number of assets and made significant investments in the High Point and Las Vegas markets. Toda,y 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.
He added, “We are proud to have built IMC into a leading, high-performing business in partnership with Bob Maricich and his talented executive team. We believe the business we're leaving behind will remain robust and compelling for years to come,” said Phil Loughlin, a Managing Director at Bain Capital.
Kaj Vazales, managing director at Oaktree, said, “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. IMC is well-positioned for the next phase of growth as the nexus of commerce for the furnishing, home décor and gift industries.”
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.
Partner Voices
One of the most iconic names on the Las Vegas Strip just got an upgrade. Mandalay Bay has everything that your business needs from a refreshed convention space designed to inspire productivity and creativity, to an impressive selection of world-class restaurants and amenities. If you're looking for a venue that's both inviting and innovative, you have to be here.
New Wave Experiences
Mandalay Bay continues to invest in a new wave of enhancements both in the convention space and within the resort as a whole. New restaurant openings including Orla by Michael Mina, drawing inspiration from the award-winning chef’s childhood in Egypt and with flavors and décor inspired by the spices found in markets common to coastal Mediterranean towns, as well as Caramá by Wolfgang Puck, bringing the essence of Italy and spirit of Wolfgang into one concept, are recent additions. The Four Seasons Hotel Las Vegas also experienced a recent remodel of all 424 rooms. Swingers, a high-end, adults-only golf and entertainment concept will debut in Fall 2024.
Enhanced Technology
Creating a truly effective conference venue requires careful thought into what a business needs: the right technology, capacity, and inspiration to bring ideas to the next level. As part of the resort’s refresh, Mandalay Bay implemented state-of-the-art technology upgrades, installing cutting-edge Cat6A Ethernet cabling throughout the convention center. This advancement doubles the frequency of data transmission, enabling lightning-fast speeds up to 9400% faster. The convention center now boasts 11 dynamic digital walls, spanning up to 24' x 13', strategically positioned for brand placements, sponsorships and targeted event messaging. Additionally, attendees can benefit from 20 double-sided 55" mobile flexible display units, facilitating effortless navigation to meeting rooms and events. RFID locks were installed on all meeting room doors, and over 200 motion detection cameras have been placed throughout the space.
Refreshing New Design & Fine Art
The newly remodeled convention space provides a bright and vibrant atmosphere that complements Mandalay Bay's tropical-inspired brand. Featuring white-washed walls and ceilings adorned with bold floral patterns in cerulean and coral tones, the space is complemented by warm walnut accent walls. In addition to the redesign of all pre-function spaces, meeting rooms and ballrooms, Mandalay Bay's 1 million square feet of exhibit space has undergone a rejuvenation, including new paint, covered pillars and relocated strobe lights.
Sustainable Spectacles
Mandalay Bay is committed to Focused on What Matters and creating more responsible meetings. Refillable water stations all available around the resort, cutting unnecessary plastic usage from single-use bottles.
The Mandalay Bay campus’ recent upgrades represent a bold step forward in redefining the Las Vegas experience. With a focus on innovation, sustainability, and unparalleled service, Mandalay Bay sets a new standard for excellence in business hospitality. Whether you're seeking cutting-edge conference facilities, world-class dining options, or simply a luxurious retreat, an unparalleled meeting experience awaits.
Add new comment