Note 3 - Related Party Transactions

12 Months Ended

May 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

3. RELATED PARTY TRANSACTIONS

In connection with the acquisition of Immucor in fiscal 2012, the Company entered into a management services agreement with TPG Capital, L.P. (the “Sponsor”) pursuant to which the Sponsor received on the closing date an aggregate transaction fee of $18.0 million in cash, of which $8.0 million was capitalized as deferred financing costs relating to the commercial banking services that the Sponsor provided in conjunction with negotiating the debt arrangements. The remaining $10.0 million was incurred by the Parent but paid by the Company out of equity proceeds. In addition, pursuant to such agreement, and in exchange for on-going consulting and management advisory services that will be provided to the Company, the Sponsor receives an aggregate annual monitoring fee of approximately $3.0 million.  In the fiscal 2014 and 2013 periods, approximately $3.9 million, and $4.4 million, respectively, was recorded for monitoring fees, additional services provided by the Sponsor, and out-of-pocket expenses and is included in general and administrative expenses in the consolidated statements of operations. At May 31, 2014 and 2013, the Company owed $0.9 million and $0.6 million, respectively, to the Sponsor for these fees and expenses.