LOS ANGELES, Aug. 4, 2003 (PRIMEZONE) -- The Seidler Companies Incorporated said today it acted as financial advisor to Hycor Biomedical Inc. (Nasdaq:HYBD) in the signing of a definitive merger agreement between Hycor and privately-owned Stratagene. The firm also announced two executive promotions.
Hycor, based in Garden Grove, CA, develops, manufactures and markets clinical diagnostic instruments and reagents. Stratagene, headquartered in La Jolla, CA, develops technologies that enhance gene discovery and biomedical target identification. The transaction was announced by the two companies in a joint release July 24, 2003 and is expected to close in the fourth quarter of 2003. Combined revenues of the two companies are expected to exceed $85 million for 2003.
The Seidler Companies said Paul Beck has been promoted to executive vice president, finance and administration, and that David Bain has been promoted to manager of the firm's research department.
"We are pleased to have played a key role in the Hycor-Stratagene transaction," said Roland Seidler, founder and chief executive officer of The Seidler Companies. "The engagement represents the most recent of what appears to be an increasing flow of investment banking transactions. We believe our strong pipeline is a good indicator, not only for our organization, but for the general business environment. Moreover, our two internal promotions reflect the firm's growth and prospects. We also continue to seek qualified professionals to join our organization."
Seidler said the firm recently served in advisory capacities for additional corporate finance engagements, including Acres Gaming in its planned sale to International Game Technology; Diametrics Medical in the planned sale of its Intermittent Testing business to Thoratec; and PDS Gaming in its planned management buyout transaction. He said other areas of the firm also are showing increased activity, most notably, its private client services, institutional sales and trading, and family office wealth management units.
About The Seidler Companies
Established in 1969, The Seidler Companies is a leading regional middle-market, NYSE-member investment bank and securities firm. Along with investment banking services for corporations, the firm serves the financial needs of institutions, municipalities and family and individual investors. Headquartered in Los Angeles, the firm also has California offices in Big Bear, Fresno, Irvine and Redlands. For more information, visit www.seidlercos.com.