Mega Vegas, High Point showroom investor preps for marketsHIGH POINT, NC, and LAS VEGAS --

The newly created International Market Centers L.P. (IMC), which invested approximately $1 billion for furniture showrooms in High Point and Las Vegas, will debut at the Summer Vegas Market next month and Fall High Point Market in October.

IMC’s portfolio, initially comprised of 13 buildings and encompassing more than 10.6 million gross square feet, 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.

Mega Vegas, High Point showroom investor preps for marketsIMC has also reached 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.

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

The company will be led by Chief Executive Officer and industry veteran Robert Maricich and will operate from joint headquarters in High Point and Las Vegas. Maricich has served as President and CEO of World Market Center since 2008 and previously spent 11 years at Hickory, N.C.-based Century Furniture Industries, including as its president and CEO.

Mega Vegas, High Point showroom investor preps for marketsOther IMC executives include:

Tom Mitchell, president of Home Furnishings, has been president and CEO of the International Home Furnishings Center since 2008. He has managed in excess of 7 million square feet of home furnishings trade marts in his 32-year career.

Georgia Davis, who has served the home furnishings industry for more than 20 years, will lead the gift industry initiative on an interim basis while a president of Gift & Home Décor is identified. Before joining World Market Centers 2007 as a consultant for its gift initiative, Davis was executive vice president of the Dallas Market Center for 20 years.

Mega Vegas, High Point showroom investor preps for marketsKatherine Venezia will serve as CFO. Venezia has been at World Market Center since 2004 and oversees day-to-day financial matters.

Randy Eller will serve as IMC’s Chief Integration Officer.He will be responsible for the transition and integration of the acquired companies into one iintegrated, world-class operation. Eller is President of Eller Enterprises, and his career has spanned more than 30 years in the gift and home sector..

"We have created a company that will deliver the most successful market experience for buyers and exhibitors from anywhere in the world," Maricich said. "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."

"I believe with all my heart that the resources we bring to High Point and Las Vegas will invigorate the respective markets and our industry by attracting new buyers and laying the foundation for our future," Mitchell said.

Upon closing all of the transactions,International Market Centers will own and operate the following
facilities
:
Building A, World Market Center Las Vegas
Building B, World Market Center Las Vegas
Building C, World Market Center Las Vegas
World Pavilions, World Market Center Las Vegas
International Home Furnishings Center (IHFC), High Point (comprised of the Hamilton, Green, Commerce, Wrenn, Design Center and Main Wings)
Historic Market Square, High Point
Market Square Tower, High Point
Suites at Market Square, High Point
Plaza Suites, High Point
Furniture Plaza, High Point
NationalFurniture Mart, High Point
Hamilton Market, High Point
300 South Main, High Point
Showplace, High Point
Showplace West, High Point
200 N. Hamilton, High Point
320 N. Hamilton, High Point
330 N. Hamilton, High Point

Posted by Rich Christianson

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