New York—A CSFB private equity fund has placed Advanstar Communications on the block, according to a story in Sunday’s New York Post."
DLJ Merchant Banking Partners, which is now owned by CSFB, acquired Advanstar for $900 million in 2000 from private equity firm Hellman & Friedman. CSFB sold Advanstar’s technology and travel units for $185 million in May to Questex Media Group.
Said to be interested in the remaining assets of Advanstar is Robert Krakoff, who is the former chairman-CEO of the company and whose Blantyre Partners is backed by the Blackstone Group. Also reportedly interested are Apprise Media backed by Spectrum Equity Partners, ABRY Partners and Warburg Pincus, according to the Post.
"On the one hand, it’s surprising that they haven’t refocused their energy on building on the rest of the portfolio," said Richard Mead, managing director at media investment bank Jordan, Edmiston Group. "On the other hand, it is a very strong market at the moment, and it makes sense to explore the market at this stage."