11 Jul 2007 Rutland Acquires Attends Healthcare
Rutland Partners LLP (“Rutland”), the UK private equity partnership, announces that it has acquired Attends Healthcare Holdings Limited (“Attends”) from 3i plc for €93.5 million. Attends is the trading name of the European operations formerly known as PaperPak which 3i acquired in 2002.
Attends manufactures and supplies a wide range of branded and own label healthcare products used to assist both users and carers dealing with incontinence. In general, the products are reimbursed to the ultimate user and are sold through a variety of channels to institutions, health funds and providers across all principal markets in Northern and Western Europe. The business is based in the UK but with its principal manufacturing operations located in Aneby, Sweden.
The management of Attends, led by James Steele, will remain with the business and a plan will be implemented to invest in improved manufacturing processes, product development and distribution. In the twelve months to 30 June 2007, Attends is expected to generate turnover of approximately €126 million and EBITDA of approximately €15.8 million.
Rutland has invested approximately £21.5 million from its second fund, Rutland Fund II, to support the acquisition with the balance of the funding coming from acquisition debt facilities, details of which will be announced in due course. Attends will be Rutland’s first investment from Rutland Fund II.
Commenting on the investment, Nick Morrill of Rutland said:
“We are delighted with the acquisition of Attends which we believe has significant potential to become one of the most efficient producers of its type and can continue to improve its performance in a developing market. We look forward to supporting James Steele and his team to achieve these objectives.”
James Steele, CEO of Attends, commented:
“Rutland has done a great job in building their understanding of the Attends business and of the European adult incontinence market. The Attends management team are committed to taking the business to a leadership position in the sector and look forward to working with Rutland to make this happen.”
The transaction was led on behalf of Rutland by Nick Morrill and Oliver Jones (who will both join the Board of Attends) and Liam Camburn.