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ST. LOUIS, Jan. 7, 2005 – Bush O'Donnell’s managed SBIC invested in $2,450,000 of Mezzanine Debt and $500,000 of Member Interest of McCormick Scientific to purchase the assets of Paraplast from Tyco Healthcare. Bush O’Donnell partnered with Coretech Holdings of St. Louis, as well as McCormick’s management team in the purchase. Senior debt was provided by Enterprise Bank of Clayton, MO. McCormick will move Paraplast’s manufacturing to St. Louis from their current facility in Commerce, TX.
Paraplast is a leading brand of tissue embedding media, a paraffin wax used by pathologists in the analysis of tissues in a histology lab for applications such as cancer detection. Biopsied tissues are set into a small base mold which is covered with an embedding cassette and filled with hot liquid wax (Paraplast). The cassette and wax are then cooled until the Paraplast solidifies to allow for the proper support of the tissue so it can be sectioned into very thin slices. These thin slices are then placed on a microscope slide and examined by a pathologist. Paraplast is the world market leader in the paraffin embedding media industry.
"Bush O’Donnell is very pleased to have the opportunity to invest in McCormick," said Matt Koster, Principal with Bush O'Donnell. "We have great confidence in Doug Martin and his team who will run McCormick. We appreciate all the efforts of our bankers, attorneys and coinvestors to get this investment closed on an accelerated timetable."
Bush O’Donnell was supported by Stinson Morrison Hecker and Benson & Guest in this transaction.
About McCormick Scientific
McCormick Scientific is a leading manufacturer of laboratory supplies and medical instruments designed for the field of histotechnology. It primarily supplies the histology markets with tissue embedding media, processing and embedding cassettes and microtome blades. It’s primary product, Paraplast Embedding Media is a domestic and international market leader in both the clinical and research laboratory markets.
About Bush O’Donnell
Bush O'Donnell is a holding company headquartered in St. Louis with interests in Investment Management, Insurance, Manufacturing and private equity investments. Since 1988 its principals have been actively investing in a wide range of publicly and privately owned businesses.
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