Advanstar Announces Completion of Company's Acquisition by Veronis Suhler Stevenson for $1.14 Billion.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Advanstar Holdings Corp., 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, today announced that it has completed the Company's acquisition by an investor group led by Veronis Suhler Stevenson (VSS See Vcc. ) for $1.142 billion in cash. VSS is joined in this investment by several co-investors. Joe Loggia loggia Hall, gallery, or porch open to the air on one or more sides. It evolved in the Mediterranean region as an open sitting room with protection from the sun. It is often a roofed, arcaded open gallery on an upper story overlooking a court, though it can also be a , Advanstar's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We are extremely pleased to have successfully completed this transaction. Advanstar's acquisition by VSS reflects the success of our strategy and the quality of our industry leading products. We thank Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. and Avista Capital for their past support as we developed Advanstar into a leader in the business media industry. The resources and expertise provided by VSS and their investment co-sponsors will be valuable assets as we continue to execute our strategy and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. future growth opportunities." "Advanstar is one of the premier business media companies in the world with a well-diversified portfolio Well-diversified portfolio A portfolio that includes a variety of securities so that the weight of any security is small. The risk of a well-diversified portfolio closely approximates the systematic risk of the overall market, and the unsystematic risk of each security has been of tradeshows, publications, directories and websites," said Scott Troeller, Partner at VSS. "We at VSS, along with our investment partners, look forward to working closely with the Advanstar management team led by Joe Loggia to build upon the scaleable and attractive platform they've developed over the last several years." Credit Suisse advised Advanstar and Davis Polk & Wardwell acted as legal counsel to Advanstar in connection with this transaction. About Advanstar Advanstar Communications Inc. (www.advanstar.com) is a leading worldwide media company providing integrated marketing solutions for the Fashion & Licensing, Life Sciences and Powersports industries. Advanstar serves business professionals and consumers in these industries with its portfolio of 91 events, 66 publications and directories, 150 electronic publications and Web sites, as well as educational and direct marketing products and services. Market leading brands and a commitment to delivering innovative, quality products and services enables Advanstar to "Connect Our Customers With Theirs." Advanstar has roughly 1,000 employees and currently operates from multiple offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. About Veronis Suhler Stevenson Veronis Suhler Stevenson (www.vss.com) is a private equity firm that invests buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. and structured capital funds in the media, communications, information and education industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to companies and management teams with a goal to build companies both organically and through a focused add-on acquisition program. To date, VSS equity and structured capital funds have invested in over 50 platform companies, which have in turn completed over 220 add-on acquisitions resulting in a portfolio with realized and unrealized enterprise values totaling approximately $11 billion. Business Risks The statements contained in this press release and our other oral and written statements that are not historical in nature are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Management of Advanstar believes that its expectations are based upon reasonable assumptions within the bounds of its knowledge of Advanstar's business. However, there can be no assurance that they in fact will be realized. Numerous factors may affect Advanstar's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of Advanstar including such factors listed from time to time in Advanstar's reports filed with the Securities and Exchange Commission including the factors described in Advanstar's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. (333-57201) filed March 30, 2006 under the heading "Risk Factors." Advanstar does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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