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Blackstone Completes Acquisition of International Market Centers, Inc.

HIGH POINT, N.C. & LAS VEGAS--(BUSINESS WIRE)-- Blackstone announced today that funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities completed the previously announced acquisition of International Market Centers, Inc. (“IMC”), the world's largest owner and operator of premier showroom space for the furnishings, home decor and gift industries, from Bain Capital Private Equity, L.P. and funds managed by Oaktree Capital Management, L.P. Fireside Investments also partnered with Blackstone on the acquisition.

IMC is the world's largest owner and operator of premier showroom space for the furnishings, home decor and gift industries, with 12.2 million square feet of world-class exhibition space in High Point, NC and Las Vegas, NV catering to over 2,000 exhibitors. The Company’s mission is to build and operate an innovative, sustainable, profitable and scalable platform for the furnishings, home decor and gift industries.

“This marks an exciting time for International Market Centers,” said Robert Maricich, Chief Executive Officer of IMC. “We look forward to working closely with our new partner, Blackstone, during 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.”

“Blackstone is excited to partner with IMC’s top-tier management team to drive continued growth of this industry leader,” said Andrea Serra, a Managing Director in Blackstone’s Tactical Opportunities group. “Blackstone will leverage its significant resources to ensure IMC’s ongoing leadership position as the industries it serves continue to grow and evolve,” said Tyler Henritze, a Senior Managing Director in Blackstone’s Real Estate group.

Blackstone is one of the largest real estate investors in the world, with over $104 billion of assets under management across its opportunistic, core+, private REIT and debt funds and has made investments with a total enterprise value of over $4 billion in Las Vegas since 2013. Blackstone plans to support the continued growth of the company and has significant financial capacity to invest additional capital for future re-development, development and acquisition opportunities.

“We are extremely proud to leave behind a strong, stable and well-capitalized platform comprised of world-class exhibition space assets that attracts buyers and exhibitors from around the world and delivers an efficient and rewarding market experience. We are confident that the business is well positioned for its next phase of growth, happy that it continues in safe hands and deeply appreciative of the management team who led us on this journey and will continue to steward the business through its continuing success,” said Ryan Cotton and Phil Loughlin, Managing Directors at Bain Capital and Kaj Vazales, Managing Director at Oaktree.

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. Citigroup Global Markets Inc. led the acquisition financing syndicate and served as an advisor to Blackstone in connection with the transaction.

About International Market Centers

Headquartered in Las Vegas, NV, International Market Centers, Inc. is the world's largest owner and operator of premier showroom space for the furnishings, home decor and gift industries, with 12.2 million square feet of world-class exhibition space in High Point, NC and Las Vegas, NV. Additional information about the Company is available at www.imcenters.com.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $371 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

About Fireside Investments

Fireside Investments is a private investment firm focused on making growth capital investments in durational real estate and related businesses alongside leading management teams and investment partners. Fireside’s founder and Managing Member, Jonathan Langer, was involved in the original formation of IMC.

About Bain Capital Private Equity

Bain Capital has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 220 investment professionals creates value for portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $99 billion in assets under management as of June 30, 2017. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170926006699/en/

Media:
International Market Centers
Karen Olson, 336-821-1502
kolson@imcenters.com
or
Blackstone
Matt Anderson, 212-390-2472
matthew.anderson@blackstone.com
or
Stanton for Bain Capital Private Equity
Charlyn Lusk, 646-502-3549
clusk@stantonprm.com
or
Sard Verbinnen & Co for Oaktree Capital
Alyssa Linn, 310-201-2040
ALinn@SARDVERB.com

Source: Blackstone