Advanstar Communications Reportedly Exploring Possible Sale
July 18, 2014
Advanstar Communications reportedly is looking into a possible sale, and the company could go for more than $900 million, according to a news report from Reuters.
Citing people familiar with the matter, who did not want to be named because the possibility of a sale is not public, the news report said “Advanstar is working with investment banks Goldman Sachs Group and Moelis & Co to assist with efforts to find a buyer.”
Contacted by TSNN, Advanstar declined to comment on the Reuters article.
The company serves the fashion, licensing, life sciences and powersports industries with its portfolio of 54 trade shows, 100 conferences, 30 publications, and nearly 200 electronic products and Web sites, as well as educational and direct marketing products and services.
It runs the two largest fashion shows in the U.S. – Magic Market Week – held biannually in Las Vegas.
Last year’s Magic Market Week in February was ranked No. 5 on TSNN’s Top 250 Trade Show List and drew 70,000 attendees to more than 1 million net square feet in several venues across the city.
The August show last year ranked No. 8 and had more than 66,000 attendees to 952,741 net sq. ft. of space.
The company also has 600 employees, with its headquarters based in Santa Monica, Calif., and offices throughout the U.S. and Europe.
Advanstar is controlled by hedge fund Anchorage Capital Group and private equity firms Ares Management LP and Veronis Suhler Stevenson.
Just more than a year ago was another large deal in the trade show industry, with Nielsen Expositions selling to private equity firm ONEX for $950 million and renamed Emerald Expositions.
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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
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The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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