Lincoln International LLC represents Attends Healthcare, Inc., a portfolio company of KPS Capital Partners, L.P., in a $98.0 million dividend recapitalization transaction
CHICAGO, IL April 23, 2010 – Lincoln International, a leading global mid-market investment bank, announced today the successful completion of a dividend recapitalization for Attends Healthcare, Inc. (“Attends” or the “Company”), a portfolio company of KPS Capital Partners, L.P. (“KPS”). Attends 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.
Lincoln International acted as exclusive financial advisor to the Company and privately placed a $20.0 million Senior Secured Revolving Credit Facility and $78.0 million in Term Loans. Proceeds from the recapitalization were used to refinance outstanding debt, distribute $60 million to stockholders as a special one-time dividend and finance the Company’s continued growth. The Senior Secured Revolving Credit Facility was provided by Wells Fargo Capital Finance and the Term Loans were provided by Regiment Capital Special Situations Fund IV, L.P.
As the Company’s exclusive financial advisor, Lincoln International worked closely with KPS and Attends’ senior management team on all aspects of the transaction, helping to structure, arrange and negotiate the recapitalization. Michael Fagan, Chief Executive Officer of Attends, stated, “Lincoln’s structuring expertise, deep knowledge of the credit markets and extensive relationships with capital providers generated multiple financing alternatives and, ultimately, resulted in a financing package that best fit the Company’s needs.”
Ron Kahn, Managing Director and head of Lincoln’s Debt Advisory Group, added, “The Attends transaction generated significant interest in the lending community, signaling a strong recovery in the credit markets and evidencing lenders’ renewed appetite for dividend recapitalizations.”
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, L.P.
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.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With ten offices in Asia, Europe and North America, and strategic partnerships with leading institutions in China and India, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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