High Point furniture market to get new owner
HIGH POINT, N.C. — The owner and operator of the High Point and Las Vegas home furnishings markets is being sold to real-estate firms associated with the private-equity group Blackstone.
Blackstone is buying International Market Centers Inc. for an undisclosed price from Bain Capital Private Equity LP and funds managed by Oaktree Capital Management LP.
Blackstone Real Estate Partners and Blackstone Tactical Opportunities are the affiliates planning to acquire IMC, along with Fireside Investments. The deal is projected to close in the third quarter.
IMC’s formation in May 2011 represented a $1 billion strategic gamble by Bain and Oaktree in combining the two largest domestic home furnishings trade shows that had been in intense competition for several years.
Read more: Winston-Salem Journal