DLJ Merchant Banking Partners (DLJMB), a private equity investment affiliate of Credit Suisse, has sold Advanstar Holdings Corp. to an investor group led by Veronis Suhler Stevenson in a transaction valued at USD 1.142 billion.
Advanstar Holdings Corp. is the holding company for Advanstar Communications Inc., a leading worldwide media company providing integrated marketing solutions for the Fashion & Licensing, Life Sciences, and Powersports industries. DLJMB acquired Advanstar in 2000.
“Advanstar is another example of the success that DLJ Merchant Banking Partners has experienced in the media sector,” says Kamil Salame, Managing Director at DLJMB and lead partner on the Advanstar investment. “We partnered with a strong management team to refocus the company on expansion and growth.”
During the course of DLJMB’s ownership, Advanstar streamlined operations by selling diverse properties and reducing overhead. Through organic growth and a series of acquisitions, Advanstar and its subsidiaries gained clear industry leading positions in a number of areas. The company built a focused B to B portfolio, combining shows, publications and education events for maximum client exposure and cost efficacy.
Scott Marden, Chairman of DLJMB’s team of media industry partners and Director of Advanstar, says “DLJ was able to bring to bear its strong in-house media expertise and make a meaningful impact on the direction of the company and the conduct of its operations.”
Joe Loggia, Advanstar’s CEO, added that “this transaction reflects the success of our strategy and the quality of our industry leading products that, combined with our strong growth record, have created a solid platform for the future.”
With a significant history of investing in the media sector, DLJMB has also invested in the MGM film library, Thompson Publishing, Visant (formerly Jostens) and WRC Media. In April 2006, DLJMB appointed three new media industry partners – Tim Schoonmaker, Nigel Walmsley and Rupert Shaw – to oversee the firm’s European media efforts.
DLJMB makes control investments in middle market companies, acting as lead sponsor for USD20-200 million equity investments. Leveraging its affiliation with Credit Suisse, DLJMB is able to source proprietary opportunities in a diverse range of industries and regions. Post investment, DLJMB draws upon the expertise of a team of industry and operating partners to create value in its portfolio companies.