Advanstar Global LLC Announces Completion of ENK Fashion Tradeshows Acquisition
NEW YORK, Dec. 21, 2012 /PRNewswire/ -- Advanstar Global LLC ("Advanstar Global "), a multi-platform events and information services company and owner of Advanstar Communications, today announced that it has successfully completed the previously announced acquisition of ENK International LLC ("ENK") for a purchase price of $155 million. With this acquisition, Advanstar Global significantly expands its international fashion event portfolio across multiple segments and markets. The acquisition combines current Advanstar Global properties – MAGIC, FN Platform and PROJECT – with ENK's shows, including Fashion Coterie, Intermezzo and Accessorie Circuit.
"The feedback from the industry about this acquisition since the initial announcement has been overwhelmingly positive. As we move forward, we will continue to offer the best services for our customers through innovative technology, customer service and enhanced offerings," said Joe Loggia, Advanstar Global's CEO. "These are complementary businesses whose strengths are in different regions and segments of the market, which will enable our customers to find what they are looking for in one place. Brands will speak with one voice to retailers and retailers can shop and edit the season's collection in one location."
ENK and Advanstar Communications will continue to operate separately to offer tailored and customized environments for customers. Each brand will focus on its market expertise bringing the best of both companies together for one tradeshow experience. Beginning in 2013, all customers will have access to Advanstar Global's new "Shop the Floor" digital solution, extending the tradeshow from three days to 60 days. Shop the Floor will become a brand's online showroom to be accessed by credentialed retailers. Retailers can review products in advance of the show to maximize their time on the show floor. The new digital platform offers another tool for planning and connecting and improving the experience for brands and buyers.
Advanstar Global's financial sponsors for the acquisition include Anchorage Capital Group LLC, Ares Management LLC, and Veronis Suhler Stevenson.
"We are pleased to support Advanstar's acquisition of ENK, and are excited by the combined company's future prospects as they execute on its strategy of creating a total, one-stop-shop solution for the fashion community across all platforms and segments," said Kevin Ulrich, Chief Executive Officer of Anchorage Capital Group LLC. "Working together, ENK and Advanstar will create increased operating efficiencies while providing the fashion industry an expansive array of options that best meets their market needs."
"With the addition of ENK to its portfolio of premium events, Advanstar Global continues to establish itself as a leader in the international tradeshow arena," said Chris Russell, partner at Veronis Suhler Stevenson. "The importance of face-to-face marketplaces, made more efficient by technology, continues to grow."
Debt capital funding was provided by GE Capital, RBS Citizens, N.A. and U.S. Bank. Advisors to Advanstar Global and its investors included Paul, Weiss, Rifkind, Wharton & Garrison LLP; PwC; AMR International and FTI Consulting.
About Advanstar Global:
Advanstar Global LLC is the parent company of Advanstar Communications Inc. (www.advanstar.com), a leading marketing, media and events company providing integrated solutions for the Fashion, Licensing, Life Sciences and Powersports industries. The company leverages its portfolio of 141 events, 60 publications, 233 electronic products, as well as educational and direct marketing products to facilitate commerce by connecting buyers and sellers across its vertical markets.
SOURCE Advanstar Global LLC
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