IMC, AmericasMart Combine To Form Showroom Space Giant
The combined corporate entity will own and operate nearly 20 million square feet of permanent showroom space in Las Vegas, High Point and Atlanta.
ATLANTA, HIGH POINT, NC and LAS VEGAS—International Market Centers, which Blackstone acquired last year, and AmericasMart — both operators in the furniture, gift, home décor, rug and apparel B2B industries — have agreed to combine to create what they say will be the world’s largest owner and operator of showroom space. Financial terms of the deal were not disclosed.
The combined entity, which will be called International Market Centers, will own and operate nearly 20 million square feet of permanent showroom space in Las Vegas, High Point and Atlanta. The individual markets and their respective venues will continue to operate under existing names and branding.
The creation of architect-developer John Portman, AmericasMart houses home decor, gift, area rug and apparel merchandise in a downtown Atlanta complex that is over 7.1 million square feet. AmericasMart hosts 17 annual markets and shows.
The 14-block Peachtree Center complex is an important symbol to the city of Atlanta, as many credit Portman’s project as one of the catalysts that established Atlanta as one of the nation’s premiere convention cities.
Robert Maricich, the CEO of IMC, will become CEO of the combined entity.
Blackstone Real Estate Partners and Blackstone Tactical Opportunities acquired IMC last together with Fireside Investments. IMC has 12.2 million square feet of exhibition space that serves over 4,000 exhibitors and lines. IMC has recently committed significant capital to expand both of its existing campuses — in Las Vegas, through the construction of a new, connected 350,000-square foot convention and exposition center and in High Point, through the acquisition/construction of two buildings and the renovation of common areas throughout the campus.
The transaction is expected to close in third quarter of 2018.