Launch of IMC for home furnishings & gift industries

04 May '11

5 min read

Katherine Venezia will serve as Chief Financial Officer. Venezia has been at World Market Center since 2004 and oversees day-to-day financial matters. Previously, Venezia was Manager in corporate accounting and Controller of the New York Development division of Related Companies.

Randy Eller will serve as IMC's Chief Integration Officer. Eller will be responsible for the transition and integration of the acquired companies into one effective, integrated, world-class operation. Eller is President of Eller Enterprises, and his career has spanned more than 30 years in the gift and home sector, driving the expansion of some of the largest manufacturers in the gift industry.

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

"This significant and strategic investment creates the world's greatest marketing stage for the home furnishings industry," said Phil Loughlin, Managing Director at Bain Capital. "We are excited to support the industry's foremost leadership team as they enable ever more productive interactions between home furnishings suppliers and buyers."

"International Market Centers will create a seamless market experience on both coasts and offer significant cross-category business opportunities," said Scott Graves, Managing Director at Oaktree. "The company's plans include attracting additional traffic from international buyers, enhancing marketing efforts and creating new distribution and sales channels for exhibitors."

"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 stated. "By bringing business partners together four times a year with new product, we will spur order writing on a scale that will deliver bottom line results for our tenants and fill retailers' showrooms with the latest products."

"International Market Center's strong capital position enables it to invest in — and vastly expand — the strategically significant gift and home decor category," said Eller. "We are uniquely positioned to tailor offerings to the thousands of buyers and sellers who are anxious to access world-class trade facilities and the most highly sought-after new products from domestic and international sources."

Davis added, "This clearly positions Las Vegas as the pre-eminent Gift and Home Decor Market west of the Mississippi."

"These transactions represent a value proposition for exhibitors and retailers and will result in an even more successful market experience both nationally and internationally," said Jeff T. Blau, President of Related Companies, whose involvement was integral to the origination and completion of the transaction. "By acquiring and uniting these assets we are creating an unbeatable platform for tenants."

Kirkland & Ellis is counsel for Bain Capital, Paul Weiss is acting as legal advisor to the Oaktree entities, and Paul Hastings represents Related Companies.

Bassett Furniture Industries Inc

More Bassett Furniture Industries Inc News... More Textiles News - United States Of America...