Advanstar to Be Sold
New York–based Advanstar Communications, parent company of MAGIC International, is being sold to an investor group under the direction of private equity company Veronis Suhler Stevenson for about $1.142 billion in cash.
VSS struck a definitive agreement with Advanstar Holdings Corp., the holding company for Advanstar Communications, early on March 29.
Citigroup Private Equity and New York Life Capital Partners are co-sponsors with VSS in the deal.
VSS partner Scott Troeller described Advanstar as “one of the premier business media companies in the world” in a statement, which highlighted VSS’ interest in Advanstar’s trade shows.
“Advanstar’s events business is particularly attractive, as it includes some of the largest and most effective trade shows in the industry,” Troeller said, praising the company management under the direction of Advanstar Chief Executive Officer Joe Loggia.
The sale includes Advanstar’s 47 regional and international trade shows, including MAGIC, producers of the MAGIC Marketplace in Las Vegas; the Project Global Trade Show, held in Las Vegas and New York; and the Pool trade show, held in Las Vegas. VSS is also acquiring Advanstar’s 95 Web sites and electronic publications and 60 print publications and directories.
Advanstar is currently owned by DLJ Merchant Banking Partners III LP, which has owned Advanstar since 2000.
Loggia is expected to remain in his current position, which he has held since 2004.
The deal is expected to close in the second quarter of 2007. —Alison A. Nieder
