Press Releases

KPS Capital Partners Portfolio Company, Attends Healthcare, Inc., Completes Successful Recapitalization

Jun 03, 2011

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 over $12.3 billion of assets under management (as of December 31, 2020).  For nearly 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 have aggregate annual revenues of approximately $10.6 billion, operate 159 manufacturing facilities in 22 countries, and have approximately 34,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

← Back to Press Releases

footer-logo

One Vanderbilt Avenue, 52nd Floor
New York, NY 10017
T: 212.338.5100 | F: 646.307.7100

The information set forth in the materials on this site is as of December 31, 2020 and does not purport to be a complete summary of KPS or its investments. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in such materials. No reliance may be placed for any purpose on the information and opinions contained in such materials or their accuracy or completeness and nothing in such materials may be relied upon in making any investment decision. Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. KPS does not assume responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS. Any statements and quotes from third-parties are not selected on the basis of any performance-based data. Any performance information included in any document on or linked to from this site is presented for illustrative purposes only and is not indicative of the future returns of any of the funds managed by KPS and there can be no assurance that such funds will achieve comparable results, be able to avoid losses or be able to implement their investment strategies.

For information on our data processing practices, please read our privacy policy here.