Mark Semer/Andrea Calise 212.521.4800
KPS CAPITAL PARTNERS PORTFOLIO COMPANY, ATTENDS
HEALTHCARE, COMPLETES SUCCESSFUL RECAPITALIZATION
(March 31, 2010) -- KPS Capital Partners, LP ("KPS") announced
today that its portfolio company Attends Healthcare, Inc. (“Attends”) has
completed a successful recapitalization. Attends raised $98 million of
new financing, including a $20 million asset-based revolving credit
facility and $78 million in term loans.
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.
Following the recapitalization,
Attends remains conservatively capitalized with the continued support of
KPS, its majority shareholder, a private equity firm with over $2.6
billion of committed capital. KPS
and Attends management continue to own 100% of Attends’ common stock
following the recapitalization.
The asset-based revolving credit
facility was provided by Wells Fargo Capital Finance, and the term loan
financing was provided by Regiment Capital Special Situations Fund IV,
L.P. Lincoln International acted
as exclusive financial advisor to the Company and privately placed the
K&L Gates LLP served as
legal counsel to Attends with respect to the recapitalization.
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.
Capital Partners, LP
KPS Capital Partners, LP is the
manager of the KPS Special Situations Funds, a family of private equity
funds with over $2.6 billion of committed capital 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.