A company says it’s investing $1 billion to combine Las Vegas and North Carolina home furnishings markets.
A spokesman for the newly formed International Market Centers limited partnership says it’s uniting the massive but financially troubled World Market Center in Las Vegas and 13 buildings including the International Home Furnishings Center and the Market Square Complex in High Point, N.C.
Spokesman Dave Curley in High Point says the High Point Market Authority is a separate entity, not included in the deal.
The combined firm will market premium home furnishings, gift and home décor showroom and exhibition space to wholesale buyers and sellers. Closing is expected within 60 days.
IMC is majority-owned by funds managed by Bain Capital Partners and a subsidiary of funds managed by Oaktree Capital Management LP.
Copyright 2011 The Associated Press.