3i sells Attends to Rutland

Attends Healthcare Holdings, an adult incontinence products supplier, has been sold in a secondary buyout by 3i to mid-market private equity firm Rutland Partners for €93.5m.

Based in the UK, but with principal manufacturing operations in Sweden, Attends was formerly known as PaperPak and manufactures and supplies branded and own-label healthcare products for users and carers dealing with incontinence. For the 12 months to June 30 2007, Attends is expected to have generated turnover of about €126m and Ebitda of around €15.8m.

Rutland has invested some £21.5m as the first investment from its second fund, Rutland Fund II, with the balance coming from as yet unconfirmed debt facilities.

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.

Attends is one of the brands PaperPak acquired from Procter & Gamble in 1999. 3i paid about €37m for the business in September 2002.