Las Vegas Market furniture market August 1 2011, International Market Centers, High Point and Las Vegas combined assets

Las Vegas Market furniture market August 1 2011, International Market Centers, High Point and Las Vegas combined assets

The Las vegas Market, now combined with the High Point furniture market to form International Market Centers, will run August 1 to 5 2011.

From the Las vegas Market website.

“Las Vegas Market increasingly deserves its reputation as the industry’s preeminent Market for finding new products, trends and design. Virtually all Las Vegas Market exhibiting companies – ranging from the world’s leading manufacturers to some of the most innovative companies – continue to introduce new products at each Market. That generates a lot of buzz, a lot of news and a lot of press. In fact, hundreds of journalists from across the globe attend and cover not only Las Vegas Market, but also the many other Markets hosted each year at World Market Center Las Vegas.”

 
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From Las Vegas Market Insider Summer 2011.

“International market Centers unites High Point and las vegas assets

New company invests unprecedented $1 billion in future of home furnishings and gift and home decor categories
The world’s largest network of premium home furnishings, gift and home decor show-room and exhibition space launched May 3, 2011. The newly formed International Market Centers announced an investment of approximately $1 billion to unite iconic showroom assets in High Point, N.C., and Las Vegas, creating an effective, effcient and compelling world-class business-to-business platform for both buyers and sellers.

IMC’s initial portfolio 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. IMC also has reached an agreement to acquire five additional buildings encompassing nearly 1 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 of the original launch date.

IMC is majority-owned by funds managed by Bain Capital Partners and a subsidiary of investment funds managed by Oaktree Capital Management, L.P. Related Companies, Bassett Furniture Industries (NASDAQ: BSET). Affliates of Network World Market Center also are investors in the company.

“International Market Centers will create a seamless Market experience on both coasts and offer significant cross-category business opportunities,” says Scott Graves, managing director at Oaktree. “The company’s plans include attracting additional traffc from international buyers, enhancing marketing
efforts and creating new distribution and sales channels for exhibitors.”

Industry veteran Robert Maricich will lead the company, which will operate from joint headquarters in High Point and Las Vegas. Maricich has served as
president and CEO of WMCLV since 2008 and previously spent 11 years at Hickory, N.C.-based Century Furniture Industries, including as its president and CEO.

“This company will deliver the most successful market experience for buyers and exhibitors worldwide,” Maricich says. “We are confident in the future of this
industry and the unprecedented platform that combining these two 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.””

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Posted by on Jul 9 2011. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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