LAUNCH OF INTERNATIONAL MARKET CENTERS, May 10th, 2011
May 10th, 2011
New B-TO-B Platform Created for Home Furnishings Industry
LAUNCH OF INTERNATIONAL MARKET CENTERS
Unprecedented $1 Billion Investment in Future of Home Furnishings and Gift & Home Décor Categories Unites Key High Point and Las Vegas Assets
HIGH POINT, N.C. and LAS VEGAS (Tuesday, May 3, 2011) — The world’s largest network of premium home furnishings, gift and home décor showroom and exhibition space was launched today. The newly formed International Market Centers, L.P. (IMC) announced an investment of approximately $1 billion to unite iconic showroom assets in High Point, N.C., and Las Vegas, and create an effective, efficient and compelling world-class business-to-business platform for both buyers and sellers.
IMC’s portfolio, initially comprised of 13 buildings and encompassing more than 10.6 million gross square feet, 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 encompassing nearly one million gross square feet 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 square feet. 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 (NASDAQ: BSET) and affiliates of Network World Market Center are also investors in the company