Advanstar is a leading operator of trade shows and a publisher of trade and business magazines. Beginning in May 1996, HFCP III invested $177 million in Advanstar, including follow-on funding for acquisitions. H&F sought out this opportunity and worked closely on the acquisition with the management team, led by Robert Krakoff, one of the nation's top trade show and business publishing executives. Advanstar has a strong competitive position as most of its trade shows and trade publications are the largest in their respective national or regional markets. Advanstar has grown, both internally and through acquisitions, into one of the largest integrated companies in its industry. In October 2000, HFCP III sold Advanstar to DLJ Merchant Banking Partners.