DLJ Closes Advanstar SaleDLJ Merchant Banking Partners has purchased Advanstar Inc., Boston, and its subsidiaries Advanstar Communications Inc., and Hive4.com for $900 million in cash and securities, the companies reported yesterday. The deal was originally announced in Aug. DLJ Merchant Banking Partners is an affiliate of New York-based Donaldson, Lufkin & Jenrette.
"This was a very good buy, and the price is fair," said Roland DeSilva, of investment banking firm DeSilva & Phillips in an earlier statement. "The strength that DLJ brings to Advanstar is spectacular. They have the ability to take the company public and make them into a powerful and aggressive acquirer. If they chose not to go public they are nevertheless a very powerful player."
Advanstar Inc., through its subsidiary Advanstar Communications Inc., publishes 103 business magazines and directories, produces more than 100 exhibitions and conferences, and maintains 79 Web sites. It also provides direct mail and other marketing services to 19 industries, including fashion and apparel, travel and hospitality, specialty retail, healthcare, pharmaceutical, science, information technology, and manufacturing and processing.
The company recently launched subsidiary Hive4.com, a company aimed at leveraging Internet properties and launching future web communities.