LAS VEGAS, NV, HIGH POINT, NC and ATLANTA, GA – (August 22, 2018) —International Market Centers (IMC) has entered into an agreement to acquire the Atlanta Decorative Arts Center (ADAC), a leading design facility housing the Southeast’s largest collection of luxury furnishings for residential, hospitality and commercial applications. This announcement follows the recent merger between IMC and AmericasMart Atlanta, which was finalized on July 20, 2018. The ADAC purchase is expected to be completed by late September. Financial terms of the transaction were not disclosed.
Opened in 1961 in Atlanta’s Buckhead district, the 550,000-square foot ADAC property houses more than 60 showrooms and 27 design studios open to interior designers, architects, builders and design enthusiasts. With its curated mix of premium furniture, fabrics, rugs, wallcoverings, antiques, accessories, kitchens, bath and tile products presented by top manufacturers, ADAC has long been a preferred destination for the southeastern design community.
The acquisition brings ADAC into the IMC national home furnishings network to create strategic business opportunities among all properties, most notably with IMC’s AmericasMart Atlanta, which houses complementary home-furnishings product resources serving the national and international design and retail community. With the addition of ADAC to its portfolio, IMC becomes the world’s largest owner and operator of trade mart properties encompassing more than 20 million square feet of facilities serving the global home furnishings, design and fashion apparel sectors.
Katie Miner, who has served as ADAC general manager since 2012, will continue in her current role under IMC ownership. Robert Maricich, IMC Chief Executive Officer, will lead the combined entity. “ADAC is a trusted resource for many of the nation’s most respected designers and is a dominant force in the southeastern design community,” notes Maricich. “We applaud its sustained success under Katie’s leadership and look forward to the continued growth she envisions across a broad spectrum of innovations and opportunities. ADAC is distinguished by an extraordinary history, select product mix and diverse customer base. It becomes an essential addition to our design community franchise,” Maricich adds.
ADAC will continue to operate under its long-standing branded identity. Together with AmericasMart, it constitutes an IMC Atlanta presence of more than 7.7 million square feet of wholesale and design product resources.
ABOUT INTERNATIONAL MARKET CENTERS
IMC, which Blackstone and Fireside Investments acquired in 2017, is the world’s largest owner and operator of premier showroom space for the furnishings, home decor and gift industries, with 20 million square feet of world-class exhibition space in High Point, NC, Las Vegas, NV and Atlanta GA catering to over 8,500 exhibitors and lines. The Company’s mission is to build and operate an innovative, sustainable, profitable and scalable platform for the furnishings, home decor and gift industries. For more information please visit www.imcenters.com.
ADAC is a community-focused, nationally-recognized leader in the world of interior design and home fashion, built over 50 years ago by renowned architect and developer John Portman. For a half-century it has served as the essential one-stop shopping resource for interior designers, architects, and builders. The ADAC campus consists of 550,000 square feet with over 60 showrooms offering 1,200 of the industry’s finest product lines including furniture, fabric, rugs, lighting, accessories, floor and wall coverings, antiques, fine art and framing, kitchens, bath, tile and stone, and home theater products. Likewise, ADAC’s extensive services include custom designs such as framing, electronic systems, faux-finishing, and draperies. In addition, signature industry presentations, celebrity and media events, educational programs and networking opportunities held throughout the year make ADAC truly a one-of-a-kind, design destination. To learn more, visit www.adacatlanta.com. For upcoming events, visit www.adacatlanta.com/events.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $440 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Fireside Investments
Fireside Investments is a private investment firm focused on making growth capital investments in durational real estate and related businesses alongside leading management teams and investment partners. Fireside’s founder and Managing Member, Jonathan Langer, was involved in the original formation of IMC.
International Market Centers
Tara Murphy or Morgan Rabby
360 Media, Inc.