A private equity consortium has bought US publisher Advanstar Holdings from DLJ Merchant Banking Partners, in a $1.1 billion (€0.8 billion) secondary deal.
The consortium is led by Veronis Suhler Stevenson, and also includes Citigroup Private Equity and New York Life Capital Partners.
Scott Troeller, partner at VSS, said: “Advanstar is truly one of the premier business media companies in the world. They possess a well-diversified portfolio of tradeshows, publications, directories and websites which are focused market leaders in key B2B media end-markets.”
VSS has made numerous acquisitions across the media sector, including Berliner Verlag, a German regional newspaper publisher, Infobase publishing and Riviera Broadcast Group.
Kamil Salame, managing director at DLJ and lead partner on the Advanstar investment, said: “Advanstar is another example of the success that DLJ Merchant Banking Partners has experienced in the media sector. We partnered with a strong management team to refocus the company on expansion and growth.”
DLJ originally bought Advanstar for $900 million (€675 million) in August 2000. The deal is expected to close in the second quarter.