[October 01, 2014] |
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Advanstar to Be Acquired by UBM plc for $972 Million
SANTA MONICA, Calif. --(Business Wire)--
Advanstar Communications Inc., a leading U.S. media company providing
integrated marketing solutions for the Fashion, Licensing, Life
Sciences, and Powersports industries, today announced the signing of a
definitive agreement under which UBM plc will acquire Advanstar
Communications in a transaction valued at approximately $972 million
from an investor group that includes Anchorage Capital Group LLC,
Veronis Suhler Stevenson, as well as funds managed by the Tradable
Credit Group at Ares Management L.P.
The transaction will combine Advanstar - one of the largest and most
respected operators of U.S. tradeshows - with UBM's worldwide platform
to create the largest events business in the U.S. and maintain Advanstar
as the No. 1 player in U.S. fashion industry events. The combined
company will have a best-in-class portfolio of products and services:
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Advanstar's iconic MAGIC Marketplace, the largest apparel marketplace
in the world for fashion buyers and brands;
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Advanstar's New York Fashion suite of events comprised of 16
category-focused selling exhibitions including Coterie, the leading
marketplace for women's designer, contemporary, denim and lifestyle
fashion;
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UBM's Game Developers Conference, the world's largest and
longest-running professionals-only game industry event, and CPhI
Worldwide, the world's leading pharmaceutical ingredients event;
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High-quality, well-attended conferences, including a robust collection
of highly-targeted events covering the entire pharmaceutical industy
value chain through Advanstar's CBI Group;
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State-of-the-art trade publications and digital products and websites,
including Advanstar's Pharmaceutical Executive and Drug
Topics, as well as its newly launched digital marketplace
ShopTheFloor.
Joe Loggia, Advanstar's Chief Executive Officer, said, "We are extremely
pleased to join such a dynamic organization and bring together our
complementary businesses, talented teams and customer-focused cultures.
UBM's interest in Advanstar reflects the success of our strategy and
quality of our industry-leading products. With greater scale across key
international geographies, the combined company will be strongly
positioned to continue expanding into dynamic, vertical markets.
Together with UBM, we will be a global leader with a well-established
portfolio of highly regarded tradeshows, attracting exhibitors and
retailers from all over the world and providing enhanced opportunities
for customers to share insights, build critical connections and drive
commerce. We thank our financial sponsors for their support of Advanstar
to help fuel our growth."
Tim Cobbold, UBM's Chief Executive Officer said, "This is a great
acquisition for UBM and its shareholders. In addition to being
financially attractive, it strengthens UBM's core events business while
balancing and complementing UBM's strong events portfolio in emerging
markets. UBM will become the largest events organizer in the U.S. - the
biggest events market in the world. Advanstar gives UBM a portfolio of
high quality, large scale 'must-attend' events which serve growing
markets, particularly the U.S. fashion industry, a new vertical for UBM.
I look forward to working closely with Advanstar's CEO Joe Loggia and
his strong management team in the coming months."
The transaction, which is subject to approval by UBM shareholders and
customary regulatory and closing conditions, is expected to close by
year-end. Mr. Loggia has agreed to stay on for a transitional period
post-close.
Goldman Sachs & Co. and Moelis & Company served as financial advisors to
Advanstar, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Slaughter and May provided legal counsel. J.P. Morgan Cazenove served as
sole financial advisor to UBM, while Morgan, Lewis & Bockius LLP served
as its legal advisor.
About Advanstar Communications Inc.
Advanstar is an event and marketing services business that serves
business professionals and consumers in the Fashion, Licensing, Life
Sciences and Powersports industries with its portfolio of 54 trade
shows, 100 conferences, 30 publications, and almost 200 electronic
products 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 more than 550
employees and currently operates from multiple offices in North America
and Europe.
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