Company has Distributed Approximately $120 Million of Cash to Stockholders Since it's Formation
New York, NY (June 3, 2011) -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company, Attends Healthcare, Inc. (“Attends” or the “Company”), completed its second successful recapitalization in the past fourteen months. The proceeds of the $133 million recapitalization – funded by a combination of upsizing the Company’s term loan, cash on hand and the Company’s asset based revolving credit facility – were used to refinance outstanding debt, to fund a $35 million cash distribution to stockholders and to fund the Company’s continued growth.
Following the recapitalization, Attends remains conservatively capitalized with the continued support of KPS, its majority shareholder, a private equity firm with over $2.7 billion of assets under management. KPS and Attends management continue to own 100% of Attends’ common stock following the recapitalization.
Attends completed a $98 million recapitalization on March 31, 2010. The proceeds of the recapitalization were used to refinance outstanding debt, to fund a $60 million cash distribution to stockholders and to fund the Company’s continued growth. The combined proceeds of the two recapitalizations, as well as other financings and the Company’s strong cash flow, resulted in approximately $120 million in cash distributions to stockholders since the Company’s formation in 2007.
The asset-based revolving credit facility was provided by Wells Fargo Commercial Banking, and the term loan financing was provided by Regiment Capital Special Situations Fund V, LP and Wells Fargo Commercial Banking. Lincoln International acted as exclusive financial advisor to the Company and KPS and helped to negotiate and structure the financing. K&L Gates LLP served as legal counsel to Attends with respect to the recapitalization.
About Attends Healthcare, Inc.
Attends Healthcare, Inc. is a leading manufacturer and distributor of a complete line of adult incontinence products for the North American marketplace that are sold primarily under the Attends® brand name. Attends Healthcare primarily serves the non-retail sectors with a focus on the acute care, long-term care, and rapidly growing home healthcare sectors. With over 300 employees, Attends is headquartered in Greenville, NC. For more information please visit www.attends.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.8 billion of assets under management (as of June 30, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $21.6 billion, operate 245 manufacturing facilities in 26 countries, and have approximately 64,000 employees, directly and through joint ventures worldwide (as of June 30, 2024, pro forma for the recent acquisitions of Sport Group and Innomotics which closed on July 8, 2024 and October 1, 2024, respectively). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
