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World Market Center in Las Vegas and much of the High Point, N.C., home furnishings showrooms will be united under a single ownership and management in a recently-announced $1 billion deal, Furniture Today reported.
The new owner, International Market Centers L.P., is majority-owned through funds managed by Bain Capital Partners and a subsidiary of funds managed by Oaktree Capital Management. The Related Cos., an investor in the World Market Center, is a minority owner in the deal, along with Bassett Furniture and Network World Market Center. Bob Maricich, who led World Market Center, will become chief executive of International Market Centers, with joint headquarters in High Point, N.C., and Las Vegas.
The joint venture initially includes a combined 13 buildings of more than 10.6 million square feet in Las Vegas and High Point, N.C. When acquisitions are completed, International market Centers will own 11.5 million square feet, including the acquisition of Showplace and related properties, which is expected to close in 60 days, according to officials.
"International Market Centers will create a seamless market experience on both coasts and offer significant cross-category business opportunities," said Scott Graves, managing director at Oaktree. "The company's plans include attracting additional traffic from international buyers, enhancing marketing efforts and creating new distribution and sales channels for exhibitors."