After months of speculation, the buyers behind recent High Point and Las Vegas market property buys were revealed to be the same entity – a newly formed company called International Market Centers (IMC). According to a May 3 announcement, the company has invested approximately $1 billion to buy 18 showroom buildings at both markets.
After the last few deals are completed, IMC will own and operate the following properties:
• Buildings A, B and C and World Pavilions at World Market Center Las Vegas
• International Home Furnishings Center (IHFC), High Point
• Historic Market Square, High Point
• Market Square Tower, High Point
• Suites at Market Square, High Point
• Plaza Suites, High Point
• Furniture Plaza, High Point
• National Furniture Mart, High Point
• Hamilton Market, High Point
• 300 S. Main, High Point
• Showplace (pictured), High Point
• Showplace West, High Point
• Hamilton Properties (200 N. Hamilton, 320 N. Hamilton, 330 N. Hamilton) High Point
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.
World Market Center President and CEO Robert Maricich has been named CEO of the new company. Maricich has held the World Market Center post since 2008 and previously spent 11 years at Hickory, N.C.-based Century Furniture Industries.
“We have created a company that will deliver the most successful market experience for buyers and exhibitors from anywhere in the world,” Maricich said in a statement. “We are confident in the future of this industry and the unprecedented platform that the combination of High Point and Las Vegas Markets presents. We are bringing together the best minds in the business, the most coveted properties and the deep financial and operating resources of leading firms who share our optimism about our industry’s growth prospects.”
The rest of the IMC executive team includes IHFC President and CEO Tom Mitchell as the new President of Home Furnishings; World Market Center’s Katherine Venezia as Chief Financial Officer, and Eller Enterprises President Randy Eller as Chief Integration Officer. In addition, Georgia Davis, a consultant for the World Market Center and former Executive Vice President of the Dallas Market Center, will lead the gift industry initiative on an interim basis until IMC hires a president of Gift and Home Décor.
The new company will operate out of joint headquarters in High Point and Las Vegas. Specific financial details of the transaction were not disclosed.