Advanstar Communications Reportedly Exploring Possible Sale
Advanstar Communications reportedly is looking into a possible sale, and the company could go for more than $900 million, according to a news report from Reuters.
Citing people familiar with the matter, who did not want to be named because the possibility of a sale is not public, the news report said “Advanstar is working with investment banks Goldman Sachs Group and Moelis & Co to assist with efforts to find a buyer.”
Contacted by TSNN, Advanstar declined to comment on the Reuters article.
The company serves the fashion, licensing, life sciences and powersports industries with its portfolio of 54 trade shows, 100 conferences, 30 publications, and nearly 200 electronic products and Web sites, as well as educational and direct marketing products and services.
It runs the two largest fashion shows in the U.S. – Magic Market Week – held biannually in Las Vegas.
Last year’s Magic Market Week in February was ranked No. 5 on TSNN’s Top 250 Trade Show List and drew 70,000 attendees to more than 1 million net square feet in several venues across the city.
The August show last year ranked No. 8 and had more than 66,000 attendees to 952,741 net sq. ft. of space.
The company also has 600 employees, with its headquarters based in Santa Monica, Calif., and offices throughout the U.S. and Europe.
Advanstar is controlled by hedge fund Anchorage Capital Group and private equity firms Ares Management LP and Veronis Suhler Stevenson.
Just more than a year ago was another large deal in the trade show industry, with Nielsen Expositions selling to private equity firm ONEX for $950 million and renamed Emerald Expositions.