Europe’s largest quoted buyout firm 3i has completed the sale of Attends Healthcare, a manufacturer of adult incontinence products, to turnaround specialist Rutland Partners for €93.5 million ($128.7 million).
3i originally backed the 2002 management buyout of the business, which was then known as PaperPak, in a deal that was worth around €100 million.
Attends, which manufactures both branded and own label adult incontinence products, is headquartered in the UK with operations in Sweden. The business predicts sales for 2007 of about €126 million and earnings before interest, tax, depreciation and amortisation of about €15.8 million.
The deal is Rutland’s first investment from its second fund, Rutland Fund II, which recently held a first close at £312 million. The fund’s predecessor closed on £210 million in 2001.
Rutland recently hired Liam Camburn as a transaction services specialist, boosting its investment team to ten people.