About July 2013

Strategy

Investments

Team

News

Research

Q2 2013 was a busy quarter for Veronis Suhler Stevenson (VSS). We made investments in two new portfolio companies, one in Europe and the other based in Canada. We completed a major add-onacquisition and refinancing of Market Strategies International, and refinancing of Advanstar, two existing portfolio companies. And we completed two dividend recapitalizations through debt financings.

About VSS
Veronis Suhler Stevenson is a private equity and debt capital fund management company dedicated to investing in the information, education, media, marketing and business services industries in North America and Europe. VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to lower middlemarket companies and management teams with a goal of building companies both organically and through a focused add-on acquisition program. Since the closing of the first VSS buyout fund in 1987, VSS has managed four buyout funds and two structured capital funds with aggregate initial committed capital in excess of $3.1 billion. The six funds have to date invested approximately $2.8 billion in 74 portfolio companies which have in turn completed over 320 add-on acquisitions.

VSS provided growth capital to IT-Ernity, a provider of business critical managed services and shared hosting for SMEs in the Netherlands. View Press Release

VSS invested in Navtech, Inc., a global leader in flight operations software and tools for the commercial aviation industry. The company is one of only three businesses with a comprehensive aviation charts portfolio and navigational data platform. View Press Release

Investment Criteria
VSS announced the recapitalization of Sandow Media Holdings Inc., and made a distribution. Sandow Media is a leader in building multiIndustry Verticals:

platform brands that inform, inspire and engage highly coveted consumer and business audiences. Information Business Services Education Media Marketing Services Market Strategies International, a full-service market research and consulting firm with extensive experience in the communications, energy, financial services, healthcare, and technology sectors, acquired Cogent Research. View Press Release Investment Size: EBITDA of $5 - $50 mm Investment of $15 - $100 mm VSS Capital Offerings: Equity Mezzanine Debt Senior Debt Transaction Types: Refinancings Acquisitions Dividend Recapitalizations Growth Capital Leveraged Buyouts Infobase Learning completed a dividend recapitalization and VSS made a distribution. Infobase Learning is an educational solutions company providing award-winning digital reference content to the school and library community. VSS welcomes transaction opportunities requiring buyout and growth equity, debt refinancings and recapitalizations and other flexible financing solutions.

Advanstar, a leading event and marketing services company that serves business professionals and consumers in the fashion, licensing, life sciences, and powersports industries, completed a refinancing in early June which extended the maturity from 2014 to 2019. The new capital consisted of $475 million of term loan debt and a $95 million preferred equity tranche. Advanstar used the proceeds from the borrowings under the New Credit Facilities, together with the preferred equity from its existing members and cash on hand, to refinance all debt outstanding under its existing credit facility and the existing credit facility of its affiliate ENK International, LLC (ENK), and pay related fees and expenses. In conjunction with the refinancing, ENK will become a wholly-owned subsidiary of Advanstar.

Contact VSS

On June 13th in NYC, VSS co-sponsored the SIIA Strategic & Financial Investment Conference. Michael B. Kessler, a Managing Director of VSS, was a keynote speaker at the event. Mr. Kessler's presentation, "Investing in and Building Leading Human Capital Management Businesses - A Private Equity Perspective" is available by clicking here.

VSS is pleased to announce that Maxwell Veyhe has joined the firm's London office as an Associate.