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EXHIBIT 99.3
[LOGO OF ADVANSTAR, Inc.]
Contact: Michelle Mitchell
FOR IMMEDIATE RELEASE Phone: 440-891-2766
E-mail: [email protected]
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ADVANSTAR SALE CLOSES
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BOSTON, Mass. -- October 11, 2000 -- The sale of Advanstar, Inc. to DLJ Merchant
Banking Partners and Advanstar management closed today as planned. The
transaction values the Company at more than $900 million, which was paid in cash
and other securities. DLJ Merchant Banking Partners is the merchant banking
affiliate of Donaldson, Lufkin & Jenrette (NYSE: DLJ).
The sale was originally announced on August 15, 2000, with closing subject to
termination of the Hart-Scott-Rodino waiting period and other customary contract
conditions.
Advanstar, Inc., through its subsidiary Advanstar Communications Inc., publishes
103 business magazines and directories, produces more than 100 exhibitions and
conferences, maintains 79 web sites, and 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 communications, and manufacturing and processing. Last year,
Advanstar, Inc. formed a separate subsidiary, recently branded Hive4.com, to
develop its internet business and has plans to build over 20 market-focused
community and exchange sites for its major industries of buyers and sellers. For
more information, please visit www.advanstar.com or www.hive4.com. Advanstar's
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headquarters is located at 545 Boylston Street, Boston, Mass. 02116; telephone
number 617-267-6500.
DLJ Merchant Banking Partners targets the purchase of equity and mezzanine
securities in leveraged transactions such as the Advanstar transaction.
Advanstar, Inc. was owned since May, 1996 by Hellman & Friedman Capital Partners
III, L.P. Morgan Stanley Dean Witter and Peter J. Solomon Company represented
Advanstar in the transaction.
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