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FOR
IMMEDIATE RELEASE
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Business Inquiries:
KPS 212.338.5100
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Media
Relations:
Mark Semer/Andrea Calise 212.521.4800
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KPS CAPITAL PARTNERS PORTFOLIO COMPANY, ATTENDS HEALTHCARE, INC.,
COMPLETES SECOND SUCCESSFUL RECAPITALIZATION
COMPANY
HAS DISTRIBUTED APPROXIMATELY $120 MILLION OF CASH TO STOCKHOLDERS SINCE
ITS 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, LP
KPS Capital
Partners, LP is the manager of the KPS Special Situations Funds, a family
of private equity funds with over $2.7 billion of assets under management
focused on constructive investing in restructurings, turnarounds and
other special situations. KPS has created new companies to purchase
operating assets out of bankruptcy; established stand-alone entities to
operate divested assets; and recapitalized highly leveraged public and
private companies. The KPS investment strategy targets companies with
strong franchises that are experiencing operating and financial problems.
KPS invests its capital concurrently with a turnaround plan predicated on
cost reduction, capital investment and capital availability. Typically,
the KPS turnaround plan is accompanied by a financial restructuring of
the company's liabilities. The KPS investment strategy and portfolio
companies are described in detail at the firm's website: www.kpsfund.com.
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