“In forming IMC, we combined a number of assets and made significant investments in the High Point and Las Vegas markets,” Cotton said when the deal was announced this past July. “Today the business is a clear leader in the industry, with capabilities and reach that provide best-in-class productivity for the buyers and sellers who attend those markets.”

An initial public offering was in the cards a few years ago, with the goal of positioning IMC as a REIT. The company registered for an IPO in the summer of 2014; the following spring it filed paperwork for a public offering of up to $200 million, with shares selling at between $12 and $14 apiece. However, in December 2015, IMC withdrew its registration, citing “unfavorable market conditions” at the time.

Allen & Co. LLC and Kirkland & Ellis LLP advised IMC, Bain Capital and Oaktree. Simpson Thacher & Bartlett LLP served as advisors to Blackstone and Fireside. Citigroup Global Markets Inc. led the acquisition financing syndicate and served as an advisor to Blackstone in connection with the transaction.

LAS VEGAS—Blackstone said Tuesday that funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities had completed their acquisition of showroom owner/operator International Market Centers Inc. in partnership with Fireside Investments. The purchase price was not disclosed; however, the 2011 creation of IMC from the merger of two competing operators represented a $1-billion investment by owners Bain Capital Partners and Oaktree Capital Management, and a 2016 CMBS issue to refinance the company's debt valued the real estate at about $1.5 billion, according to published reports.

“Blackstone will leverage its significant resources to ensure IMC's ongoing leadership position as the industries it serves continue to grow and evolve,” says Tyler Henritze, a senior managing director in Blackstone's $104-billion real estate group. IMC CEO Robert Maricich, who'd served in the same capacity at World Market Center, one of IMC's predecessors, says he and his team “look forward to working closely with our new partner, Blackstone, during our next phase of growth. Blackstone is a firm with a strong track record of enabling transformational change and shares our long-term vision for the business.”

In a joint statement, Bain managing directors Ryan Cotton and Phil Loughlin and Oaktree managing director Kaj Vazales says they're “extremely proud to leave behind a strong, stable and well-capitalized platform comprised of world-class exhibition space assets that attracts buyers and exhibitors from around the world and delivers an efficient and rewarding market experience. We are confident that the business is well positioned for its next phase of growth, happy that it continues in safe hands and deeply appreciative of the management team who led us on this journey and will continue to steward the business through its continuing success.”

IMC is reportedly the world's largest owner and operator of premier showroom space for the furnishings, home decor and gift industries. All told, it has 12.2 million square feet of exhibition space in High Point, NC and Las Vegas, which is used as warehouse space by furniture companies when events are not being staged there.

“In forming IMC, we combined a number of assets and made significant investments in the High Point and Las Vegas markets,” Cotton said when the deal was announced this past July. “Today the business is a clear leader in the industry, with capabilities and reach that provide best-in-class productivity for the buyers and sellers who attend those markets.”

An initial public offering was in the cards a few years ago, with the goal of positioning IMC as a REIT. The company registered for an IPO in the summer of 2014; the following spring it filed paperwork for a public offering of up to $200 million, with shares selling at between $12 and $14 apiece. However, in December 2015, IMC withdrew its registration, citing “unfavorable market conditions” at the time.

Allen & Co. LLC and Kirkland & Ellis LLP advised IMC, Bain Capital and Oaktree. Simpson Thacher & Bartlett LLP served as advisors to Blackstone and Fireside. Citigroup Global Markets Inc. led the acquisition financing syndicate and served as an advisor to Blackstone in connection with the transaction.