New York-based Investment firm Blackstone Group announced that two of its funds have entered into a definitive agreement to acquire International Market Centers Inc. from Bain Capital Private Equity and funds managed by Oaktree Capital Management.
Blackstone Real Estate Partners and Blackstone Tactical Opportunities will acquire IMC, which owns 12.2 million square feet of furniture and gift and accessories showroom space in High Point, North Carolina, and Las Vegas. Fireside Investments also is expected to partner with Blackstone in the acquisition. Financial terms of the transaction were not disclosed.
“This marks an exciting time for International Market Centers,” said Robert Maricich, chief executive officer 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.”
Andrea Serra, a managing director for Blackstone’s Tactical Opportunities group, said, “IMC has an excellent management team that has built a high-quality business and leader in the furniture, showroom, and gift industry exhibition space.”
The transaction is expected to close during the third quarter of 2017.