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Consortium Invests $1 Billion to Launch International Market Centers
Announced on May 3, a consortium of investors which includes Paul, Weiss client Oaktree Capital Management, L.P., have created the newly formed International Market Centers, L.P. (IMC), the largest network of premium home furnishings, gift and home decor showroom and exhibition space in the world. IMC announced an investment of approximately $1 billion to unite iconic showroom assets in High Point, N.C., and Las Vegas, and create an effective, efficient and compelling world-class business-to-business platform for both buyers and sellers.
IMC is majority-owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management. Upon closing of the transaction, IMC will own and operate a total of 18 showroom buildings spanning 11.5 million square feet. Details of the transaction, which closed on May 2, were not disclosed.
The Paul, Weiss team representing Oaktree included M&A partner Kenneth M. Schneidier and counsel Didier Malaquin; real estate partners Mitchell L. Berg and Peter E. Fisch; tax partners Richard J. Bronstein and Jeffrey B. Samuels, and counsel Alyssa F. Wolpin; employee benefits partner Robert C. Fleder and counsel Erin Murphy; intellectual property counsel Claudine Meredith-Goujon; and environmental counsel William J. O'Brien.