Done Deals: Moore Medical, Executive Greetings

Two catalog deals that were in the works earlier this year closed in April. Shareholders of New Britain, CT-based Moore Medical Corp. on March 30 approved the acquisition of the medical and surgical supplies cataloger by McKesson Corp., a San Francisco-based healthcare services provider. The deal, which closed April 1, ended several months of bids from other suitors, including Bristol, TN-based SJ Strategic Investments and Newton, MA-based Clinical Data.

And North Mankato, MN-based conglomerate Taylor Corp. won a Connecticut bankruptcy court bidding war for the assets of New Hartford, CT-based Executive Greetings, whose business-to-business stationery catalogs include Baldwin Cooke, The Brookhollow Collection, and U.S. Diary. Taylor paid $68.6 million in the deal, which was expected to close April 30.

Executive Greetings CEO George Ittner says he is “pleased that the company’s creditors have achieved a decent recovery through the sale process.” By getting more than $0.80 on the dollar for their debts, Executive Greetings’ secured debtors will fare better than they might have. That’s because the auction raised Taylor’s bid by $15.6 million from the original “stalking horse” bid of $53.0 million Taylor made on Dec. 18. The Section 363 auction required that subsequent bids must exceed Taylor’s bid by at least $1.8 million

Partner Content

The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.