NEW YORK — DLJ Merchant Banking Partners and the management of Advanstar have completed their acquisition of Advanstar for more than $900 million in cash and securities.
Since 1996, Advantstar, which owns MAGIC International and various other trade shows and periodicals, has been owned by Hellman & Friedman Capital Partners III, L.P.
Advanstar bought MAGIC from its corporate shareholders in 1998 in a transaction reportedly valued in excess of $225 million. In addition to WWDMAGIC, which is co-sponsored by WWD, Advanstar’s fashion and apparel group operates trade shows including MAGIC, MAGIC kids and, since its 1999 acquisition of The Larkin Group, the Fashion Boutique and International Fashion Fabric Exhibition markets.
DLJ Merchant Banking Partners is the merchant banking affiliate of Donaldson, Lufkin & Jenrette and targets the purchase of equity and mezzanine securities in leveraged transactions such as the one just closed with Advanstar. DLJ and Advanstar reached a preliminary agreement in August.
Advanstar, through its Advanstar Communications subsidiary, produces more than 100 exhibitions and conferences, publishes more than 103 business magazines and directories, maintains 79 Web sites and provides direct mail and other marketing services to various industries.
Morgan Stanley Dean Witter and Peter J. Solomon Co. represented Advantstar in the transaction.