Rutland in €180m Attends Healthcare exit

The GP has reaped 3.3x its money on the exit, which values the business at around 8x earnings. Rutland backed the €93.5m SBO of Attends Healthcare from 3i in 2007.

This is the first divestment from Rutland's Fund II, which closed on £320m in 2007.

The existing management team has been retained, and Domtar will now look to double Attends' earnings over the next five years.

Previous funding
Following the 2007 SBO, Rutland invested in excess of €25m to develop the business. The manufacturing plant has notably undergone significant investments, and the majority of the product portfolio has been repositioned to better fit current market trends.

Under Rutland ownership, turnover has grown from €126m to €140m, while EBITDA has increased by 45% to €23m.

Company
Newcastle-based Attends Healthcare manufactures and supplies a wide range of branded and own label healthcare products used to assist both users and carers dealing with incontinence. Attends operates a single production plant located in Aneby, Sweden.

People
Nick Morrill, Oliver Jones and Kajen Mohanadas led the deal for Rutland Partners.

Advisers
Vendor - PricewaterhouseCoopers (Financial due diligence); Taylor Wessing (Legal).

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