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KPS CAPITAL PARTNERS TO SELL ATTENDS HEALTHCARE, INC. TO DOMTAR
CORPORATION FOR $315 MILLION
New York, NY (August 15, 2011) -- KPS Capital
Partners, LP (“KPS”) announced today that it signed a definitive
agreement to sell its portfolio company, Attends Healthcare, Inc.
(“Attends” or the “Company”), to Domtar Corporation (NYSE: UFS) (TSX:
UFS) for $315 million in cash.
Raquel Palmer, a Partner of KPS, stated, “During
our ownership, Attends completed a stunning turnaround and has achieved
significant revenue growth year after year. We are proud to be the catalyst for the
transformation of Attends, which has resulted in the Company's
acquisition by a leading strategic buyer. We congratulate and thank
Michael Fagan, Attends’ Chief Executive Officer, and his management team
for their strategic vision and brilliant tactical execution. The
enormous value created for our investors since we formed the Company in
2007 is the result of their collective effort.”
Michael
Fagan, Chief Executive Officer of Attends, added, “KPS was the only
investor to recognize the potential value of our business four years
ago. Working in partnership with KPS, we quickly executed a
remarkable turnaround that formed the foundation for our significant
growth. We are very grateful to KPS
for its leadership and its commitment to growing our business, which
included funding the modernization of our manufacturing platform. We are thrilled to join Domtar, which
has the material resources, access to capital and global reach that will
enable Attends to reach another level of success.”
Completion
of the transaction, which is expected during the third quarter, is
subject to customary closing conditions.
Paul Weiss Rifkind Wharton & Garrison LLP served as legal
counsel to KPS with respect to the transaction.
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.
